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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:

AMP Limited (ASX: AMP)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and $2.00 price target on this embattled financial services company. Whilst the broker acknowledges that there are risks relating to assets under management and margin pressures, it notes that its shares are trading at a 40% price-to-earnings discount to the rest of the market. As a result, it feels that much of the downside risk has already been built into its share price. Although I agree that AMP’s shares do look very cheap, I would like to see how it performs over the next 12-18 months before considering an investment.

National Australia Bank Ltd (ASX: NAB)

A note out of Citi reveals that its analysts have retained their buy rating and $29.50 price target on this banking giant’s shares following its customer remediation update. According to the note, the broker was surprised by the level of remediation that NAB announced earlier this week, but remains positive on the investment opportunity. It has suggested investors focus less on this news and more on the long-term. I agree with Citi and feel the share price weakness this week has created a buying opportunity.

Nufarm Limited (ASX: NUF)

Analysts at Morgan Stanley have retained their overweight rating and lifted the price target on this agricultural chemicals company’s shares to $7.20. According to the note, Nufarm delivered a result in line with expectations in FY 2019 and the announcement of the sale of its South American business was a positive in the broker’s eyes. It believes the price was attractive and likes that it simplifies its operations and strengthens the balance sheet. Although its shares have risen strongly this week, I agree that they still could be a good option for investors following its update.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank 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.

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