Many of Australia's top brokers have been busy adjusting their financial models again.
This has led to the release of a large number of broker notes this week. Three buy ratings that have caught my eye are summarised below.
Here's why brokers think these ASX shares are in the buy zone:
IPH Ltd (ASX: IPH)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and increased the price target on the intellectual property services company's shares to $7.65. The broker believes the recent expansion of the company's debt facility is a sign that it is proactively pursuing meaningful accretive acquisitions. In addition to this, Goldman believes IPH is well-positioned to outperform thanks to the integration of recent completed acquisitions, organic growth in existing markets, and market share gains in Asia. I think Goldman Sachs makes some fair points and IPH could be worth a closer look.
oOh!Media Ltd (ASX: OML)
A note out of Morgans reveals that its analysts have initiated coverage on oOh!Media with an add rating and $4.08 price target. According to the note, its analysts believe the out of home advertising company is well-positioned to benefit from the continuing conversion of static billboards to digital billboards. Furthermore, the broker expects oOh!Media to benefit from synergies arising from the integration of the Adshel business. Whilst I'm not a huge fan of the company, I agree that its shares do look good value at the current level.
Westpac Banking Corp (ASX: WBC)
Analysts at Citi have retained their buy rating and $30.00 price target on this banking giant's shares after it announced its exit from personal financial advice. In addition to this, the bank announced that its major BT Financial Group businesses will be integrated into its Consumer and Business divisions. Citi's analysts appear pleased with this decision and have held firm with their rating and price target despite revising their earnings estimates slightly lower for FY 2019. I agree with Citi and think Westpac's shares would be a good option at the current level.
