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:
AMP Limited (ASX: AMP)
According to a note out of Credit Suisse, its analysts have upgraded this financial services company’s shares to an outperform rating with a $2.00 price target. The broker appears a lot more confident in the company’s outlook following the release of its first half results, the new terms of its AMP Life sale, and the $650 million equity raising. Whilst I agree that things are looking better for AMP now, it still has a lot of work to do to turn its fortunes around. I’m going to hold off an investment until its turnaround strategy is showing signs of working.
James Hardie Industries plc (ASX: JHX)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating on this building supplies company’s shares and lifted the price target on them to $25.00 following the release its first quarter update. According to the note, James Hardie’s result was ahead of the broker’s expectations. And despite this impressive performance, Morgan Stanley notes that its shares are unjustifiably trading at a discount to its industry peers. I think the broker is spot on with James Hardie and that it could be a decent option at the current level.
REA Group Limited (ASX: REA)
Equity analysts at Macquarie have retained their outperform rating and lifted the price target on this property listings company’s shares to $107.00 following the release of its full year results. According to the note, REA Group’s result was a touch under the broker’s expectations. However, it remains optimistic on its outlook and has forecast a strong lift in listings in the second half of FY 2020. It was also very pleased with management’s cost guidance for the year ahead and expects it to result in operating leverage. I agree with Macquarie and feel REA Group’s shares would be a great investment today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. 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.