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:
Macquarie Group Ltd (ASX: MQG)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $143.00 price target on this investment bank’s shares following its half year results release. Morgan Stanley felt that Macquarie’s performance was during the half was solid and notes that its revenue was stronger than expected. It appears confident it will either meet or even beat its full year guidance in FY 2020. I agree with Morgan Stanley and would also class its shares as a buy.
OceanaGold Corp (ASX: OGC)
Analysts at Goldman Sachs have retained their buy rating but trimmed the price target on this gold miner’s shares to $4.40 following its quarterly update. According to the note, OceanaGold’s guidance was largely in line with its expectations. And while there are concerns over the suspension of mining at Didipio, the broker still sees a lot of value in its shares. As long as the Didipio operation isn’t offline too much longer, I think OceanaGold could be a good option for investors looking for exposure to gold.
Rio Tinto Limited (ASX: RIO)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating but trimmed the price target on this mining giant’s shares slightly to $104.00. According to the note, Rio Tinto’s increase in sustaining capital expenditure over the next five years is lower than the broker forecast. Another positive is that iron ore prices remain high and put the miner in a position to generate strong free cash flows again. I agree with Macquarie and would be a buyer of Rio Tinto’s shares.
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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 and has recommended Macquarie 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.
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