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:
CSL Limited (ASX: CSL)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted the price target on the biotherapeutics company's shares to $300. Goldman made the move after upgrading its forecasts due to the increasing utilisation for secondary immunodeficiencies and the supportive immunoglobulins pricing environment. In addition to this, the broker has lifted its target EV/EBITDA multiple due to a re-rating of its peers and the sector. I agree with Goldman on CSL and would be buyer of its shares.
Nearmap Ltd (ASX: NEA)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and $3.45 price target on this aerial imagery technology and location data company's shares. According to the note, Macquarie believes increasing competition could weigh on its shares in the near term, but that investors ought to overlook this due to its leadership position. It continues to believe it is well-placed for strong long-term growth. I think Macquarie is spot on and would class its shares as a buy.
Westpac Banking Corp (ASX: WBC)
Analysts at Credit Suisse have retained their outperform rating but lowered the price target on this banking giant's shares to $27.80. According to the note, it has reduced its cash earnings forecasts to account for potential provisions stemming from the money laundering scandal. However, the broker appears to believe the recent selloff has been overdone and its shares are decent value. This is even after factoring in all the negative potential scenarios. Credit Suisse also points out that that Westpac has an insurance policy in place that will cover some of the potential fines. While I do agree with Credit Suisse, I suspect its shares will remain under pressure until the matter is concluded.
