Top brokers name 3 ASX shares to buy next week

Last week was filled once again with a large number of broker notes hitting the wires.

Three buy ratings that caught my eye are summarised below. Here’s why brokers think investors ought to buy them next week:

Coles Group Ltd (ASX: COL)

According to a note out of Citi, its analysts have retained their buy rating and $13.40 price target on this supermarket giant’s shares after it announced a joint venture with Australian Venue Co. for its Queensland hotels business. Citi appears to be pleased with the arrangement and believes the company could benefit now that management can focus purely on its Food and Liquor businesses. The broker was also pleased with the fee that the company commanded for the assets. I agree with Citi on Coles and feel it would be a good option, especially for income investors. Citi expects Coles to pay a 58.4 cents per share dividend in FY 2020, which equates to a forward yield of 5.1%.

Harvey Norman Holdings Limited (ASX: HVN)

A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this retailer’s shares slightly to $4.20. According to the note, the broker appears optimistic on Harvey Norman’s international opportunities, which have the potential to offset weakness in the domestic market. In addition to this, the broker believes that its shares are trading on an attractive valuation at present. Whilst I’m not a big fan of Harvey Norman, I think Macquarie makes some fair points.

OneVue Holdings Ltd (ASX: OVH)

Analysts at Goldman Sachs have retained their buy rating and 59 cents price target on this investment platform provider’s shares. Although OneVue’s half year result fell short of the broker’s expectations, it believes the issues that led to the earnings miss are one-offs and feels the company continues to head in the right direction. Goldman likes OneVue as it believes the company is exposed to structural tailwinds including ongoing growth in the superannuation industry, regulatory complexity supporting outsourcing to specialist third party providers, and structural shifts in the wealth management industry towards independent advisors. I agree with Goldman and feel OneVue could be worth a closer look.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Onevue Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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