With so many shares to choose from on the Australian share market, it can be hard to decide which ones to buy.
The good news is that brokers across the country are doing a lot of the hard work for you.
Three top shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Michael Hill International Ltd (ASX: MHJ)
According to a note out of Morgans, its analysts have retained their add rating and 78 cents price target on this jewellery retailer’s shares following its quarterly update. During the third quarter the company posted a 1.5% decline in same store sales and a 0.8% drop in total sales. Although the broker notes that it was a weak quarter, it appears encouraged by the increase in same store sales during the month of March following the adoption of a new integrated customer-led retail operating model. Morgans expects Michael Hill to return to growth in FY 2020. I’m not ready to invest just yet, but I’ll be keeping a close eye on its progress over the next couple of quarters.
Sealink Travel Group Ltd (ASX: SLK)
A note out of Ord Minnett reveals that its analysts have a buy rating and $4.68 price target on this ferry company’s shares. According to the note, although the company’s earnings growth has been reasonably subdued, the broker believes that this could be boosted in the near term via asset sales and acquisitions. I agree with Ord Minnett and feel that its undemanding valuation and positive outlook makes it worth considering an investment.
Whitehaven Coal Ltd (ASX: WHC)
Analysts at Macquarie have upgraded this coal miner’s shares to an outperform rating with an increased price target of $4.20. According to the note, the broker believes Whitehaven Coal is well-positioned to finish the financial year strongly on the belief that coal prices have bottomed now. In light of this, it feels it is an opportune time to invest, especially for its dividend. The broker believes that due to lower than expected levels of capital expenditure this year, the company may pay more of its earnings out than it previously guided to. Whilst it isn’t my favourite share in the sector, if coal prices have bottomed then it certainly could be a good time to pick up shares.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.