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Top brokers name 3 ASX shares to buy next week

Last week saw a large number of broker notes hitting the wires once again. Three buy ratings that caught my eye are summarised below.

Here’s why brokers think investors ought to buy them next week:

Clover Corporation Limited (ASX: CLV)

According to a note out of Ord Minnett, its analysts have retained their buy rating and lifted their price target on this infant formula ingredients supplier’s shares by a massive 65% to $3.31 following the release of its full year results. The broker was impressed with Clover’s performance in FY 2019 and appears confident that more of the same is coming in the future thanks to increasing demand for infant formula in Asia. I agree with Ord Minnett and would still class its shares as a buy despite their impressive run this year.

Monadelphous Group Limited (ASX: MND)

A note out of UBS reveals that its analysts have upgraded this engineering company’s shares to a buy rating with a $18.15 price target. According to the note, the broker made the move largely on valuation grounds after a period of underperformance for its shares. In addition to this, the broker is confident that Monadelphous will achieve its estimates this year thanks to long-term maintenance contracts and construction projects that are already in place. Whilst it isn’t a share that I’m a huge fan of, at current prices it does look attractive.

South32 Ltd (ASX: S32)

Analysts at Citi have retained their buy rating and lifted the price target on this mining giant’s shares to $3.40. According to the note, the broker lifted its valuation after an update to its commodity price forecasts led to a positive revision of its South32 estimates through to next year. I think Citi is on the money with this one and feel it could be a good option in the resources sector.

And here are a few more high quality shares that have just been rated as buys for October.

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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 Clover Limited. 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.

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