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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:

Bapcor Ltd (ASX: BAP)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and lifted the price target on this auto parts company’s shares to $8.10. The broker appears pleased with Bapcor’s recent acquisitions which give it exposure to the truck industry. It also notes that management has reiterated its earnings growth guidance for FY 2020. I agree with Morgan Stanley and feel Bapcor could be a good option for investors.

BHP Group Ltd (ASX: BHP)

A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and $40.00 price target on this mining giant’s shares. This follows the announcement that Andrew Mackenzie will be retiring as its CEO at the end of the year. He will be replaced by Mark Henry. Macquarie doesn’t believe the appointment will result in any changes to its strategy, so it should be business as usual for BHP in 2020. I think Macquarie is spot on and feel BHP is a great option for investors looking for exposure to the resources sector.

Nearmap Ltd (ASX: NEA)

Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $4.20 price target on this aerial imagery technology and location data company’s shares. According to the note, the broker was pleased with Nearmap’s ACV guidance of $116 million to $120 million in FY 2020. Furthermore, its analysts continue to believe Nearmap is one of the most compelling technology opportunities for Australian investors. I agree with this view and would rate its shares as a buy.

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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 Bapcor and Nearmap 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.

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