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Brokers name 3 ASX shares to buy today

A large number of broker notes have hit the wires this week, leading to many popular shares being declared buys and sells.

Three shares that are in favour with brokers and have been given a buy rating are listed below. Here’s why they are bullish on them:

Myer Holdings Ltd (ASX: MYR)

According to a note out of UBS, its analysts have retained their buy rating and lifted the price target on this department store operator’s shares to 71 cents following the release of its full year results. The broker was pleased to see Myer’s earnings come in ahead of its estimates and appears cautiously optimistic that there will be further profit growth in FY 2020 thanks to cost reductions and its focus on profitable sales. Things certainly do look a lot more positive for Myer right now, but I intend to see how it performs over the Christmas and New Year period before considering an investment.

Suncorp Group Ltd (ASX: SUN)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $14.13 price target on this insurance giant’s shares. According to the note, the broker continues to prefer Suncorp ahead of its peers following a post-earnings season review of the insurance industry. Goldman was pleased with Suncorp’s core margin improvement in FY 2019 and believes its shares are attractively priced given its current growth profile. It also sees the potential for a special dividend in FY 2020. Whilst it isn’t a share that I’m a big fan of, I think Goldman Sachs makes some great points.

Western Areas Ltd (ASX: WSA)

Analysts at the Macquarie equities desk have retained their outperform rating and lifted the price target on this nickel producer’s shares to $3.60. According to the note, the broker made the move after upgrading its nickel price forecasts materially for FY 2020 and FY 2021 due to Indonesia’s decision to bring forward its export ban. Given the outlook for nickel prices, I think Macquarie could be on the money with this one.

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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.