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:
BHP Group Ltd (ASX: BHP)
According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating but trimmed the price target on its shares to $39.00. The broker felt that BHP’s first quarter update was solid and was pleased to see it retain its production and cost guidance. All in all, the broker continues to see value in BHP’s shares at the current level and retains its positive view. I agree with Macquarie on BHP and feel it would be a good option for investors looking for exposure to the resources sector.
HUB24 Ltd (ASX: HUB)
Analysts at Ord Minnett have retained their buy rating and lifted the price target on this investment platform provider’s shares to $16.09. According to the note, the broker was impressed with HUB24’s first quarter update and its record net inflows. Ord Minnett appears confident that this strong form can continue. Furthermore, it believes that near-term risks have been full priced into its share price. I think Ord Minnett makes some great points and feel HUB24 is well worth a closer look.
South32 Ltd (ASX: S32)
A note out of Citi reveals that its analysts have retained their buy rating but trimmed the price target on this mining giant’s shares to $3.20. According to the note, the broker was pleased to see South32 maintain its production guidance for all operations in FY 2020. Another positive is that metallurgical coal prices have now rebounded from their lows. Whilst I would choose BHP ahead of South32, I agree that it could be a good option for investors at this level.
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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 Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd. 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.