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Leading brokers name 3 ASX shares to buy today

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:

Macquarie Group Ltd (ASX: MQG)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and $135.00 price target on this investment bank’s shares following its full year results release. The broker believes that management’s guidance for earnings to fall slightly in FY 2020 is conservative and that in time it will be upgraded to being in line with FY 2019’s earnings. Whilst I do agree with Credit Suisse on this, I intend to hold out for a better entry point over the coming months.

ResMed Inc. (ASX: RMD)

A note out of Morgans reveals that its analysts have retained their add rating and lifted the price target on this sleep treatment-focused medical device company’s shares to $17.34 following its third quarter results. According to the note, ResMed’s strong result came in ahead of the broker’s forecasts. The good news is that its analysts appear confident the company is positioned to deliver further strong growth in the future and have upgraded their price target to reflect this. I agree with Morgans on ResMed and would be a buyer of its shares right now.

TPG Telecom Ltd (ASX: TPM)

Analysts at Morgan Stanley have retained their overweight rating and $7.15 price target on this telco company’s shares ahead of the ACCC’s decision on the merger between it and Vodafone Australia. According to the note, the broker believes the merger will be approved by the ACCC after TPG Telecom cancelled the roll out of its mobile network. The broker does, however, concede that the ACCC may impose some conditions on the merger in order to prevent a decrease in competition. Given how important this decision is to the company’s future, I’m going to sit this one out until the decision has been announced. But if the merger is approved then it could be a good investment option.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited and ResMed Inc. 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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