It has been another busy week for brokers with countless notes hitting the wires.
Three shares that are in favour and have been given buy ratings this week are listed below. Here's why brokers think you should buy them:
Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Morgan Stanley, it has retained its overweight rating and $27.00 price target on this corporate travel specialist's shares. The broker has been looking into the corporate travel market and likes what it has seen. It estimates that global corporate travel spending will grow 3.7% in 2019 and believes Corporate Travel Management is well positioned to benefit. In addition to this, the broker doesn't believe any concerns raised by VGI Partners warrant a change in its view. While I agree with Morgan Stanley that Corporate Travel Management is great value, I intend to hold out until the short seller attack drama blows over completely.
Harvey Norman Holdings Limited (ASX: HVN)
Analysts at Deutsche Bank have retained their buy rating and $4.60 price target on this retailer's shares following its sales update on Tuesday. The broker appears to have been pleased to see an improvement in Australian sales during the last quarter. Although they were down 0.2%, this was far better than the 1.1% decline experience earlier in the quarter. In addition to this, Deutsche believes the solid international growth it achieved shows that things aren't quite as bad as the market is making out. While it isn't a share that I would be buying, I do agree that its shares look cheap based on its sales growth during the quarter.
Qantas Airways Limited (ASX: QAN)
A note out of Credit Suisse reveals that it has retained its outperform rating and lifted the price target on the airline's shares to $7.35. According to the note, the broker believes that the airline's flexible fuel hedging means there could be fuel cost benefit of upwards of $170 million in FY 2019. In light of this, it expects Qantas to deliver a pre-tax profit of $1,510 million this year. I agree with Credit Suisse on this one and think it could be worth a look after oil prices sank lower.
