Brokers name 3 ASX shares to buy today

A good number of broker notes have continued to hit the wires this week, leading to many popular shares been declared buys and sells.

Three shares that are in favour with brokers and been given a buy rating are listed below. Here’s why they are bullish on them:

Megaport Ltd (ASX: MP1)

According to a note out of Goldman Sachs, its analysts have retained their buy rating and $4.75 price target on this leading global network as a service provider’s shares following its $60 million capital raising. Goldman had been expecting a capital raising and believes this one will be enough to take it through to being cash flow/EBITDA break even in the second half of FY 2021. The broker is positive on Megaport due its belief that the ongoing migration to cloud infrastructure by enterprises is likely to remain a strong tailwind for the company. I agree with Goldman Sachs and think Megaport could be a great long-term investment.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $2.30 price target on this entertainment company’s shares. According to the note, although the broker accepts that the advertising market is weak and trading conditions are challenging, it remains confident that Nine Entertainment is well-positioned to create value. So with its shares trading at under 10x estimated full year earnings, the broker believes they could outperform over the near term. I feel Morgan Stanley makes a fair point and Nine Entertainment could be worth a closer look.

Nufarm Limited (ASX: NUF)

Analysts at the Macquarie equities desk have retained their outperform rating but cut the price target on this crop protection company’s shares slightly to $7.19 ahead of its half year results release next week. According to the note, Macquarie has cut its forecasts for the full year after a number of its peers spoke cautiously about the industry’s outlook. However, its analysts believe its current share price reflects this weakness and more, potentially creating a buying opportunity for investors. Especially given the potential benefits of its omega-3 expansion which have largely gone unnoticed. Although I’m not a big fan of the company, I agree that its shares do look good value at this level.

And here are three more buy-rated shares to consider snapping up this week.

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