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:
Fortescue Metals Group Limited (ASX: FMG)
According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating and lifted the price target on this iron ore producer’s shares to $8.70 following the release of its quarterly update. The broker was pleased with Fortescue’s shipments during the quarter and notes that it is on track to achieve its full year guidance. Overall, the broker believes there is significant upside risk to earnings thanks to high iron ore prices. Whilst I do like Fortescue, I feel its shares are about fair value now.
HUB24 Ltd (ASX: HUB)
Analysts at Goldman Sachs have retained their buy rating and increased the price target on this investment platform provider’s shares to $15.90. According to the note, Goldman has upgraded its net inflow assumptions after HUB24’s stronger than expected third quarter update. In addition to this, the broker remains confident of further growth thanks to solid momentum in new client wins. Finally, the broker notes that its revenue margin softness is reflective of transition inflows, not repricing by competitors. I agree with Goldman Sachs on HUB24 and would also class its shares as a buy.
Megaport Ltd (ASX: MP1)
A note out of UBS reveals that its analysts have retained their buy rating and lifted the price target on the shares of the provider of elasticity connectivity and network services to $6.25. According to the note, the broker was pleased with Megaport’s quarterly update and believes that further acceleration in its growth is possible in the June quarter and beyond. Although its shares are looking a little expensive now, I believe they could be a good long-term investment option.
And here are three more ASX shares that have been rated as buys this month.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd and MEGAPORT FPO. The Motley Fool Australia has recommended Hub24 Ltd and MEGAPORT FPO. 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.