Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three broker buy ratings that have caught my eye are summarised below. Here's why brokers think these ASX shares are in the buy zone:
BHP Group Ltd (ASX: BHP)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this mining giant's shares to $43.00. According to the note, the broker felt BHP's quarterly update was solid. It was particularly pleased with the miner's copper production, which outperformed its expectations. Macquarie also notes that BHP reiterated its production and cost guidance for the full year. And with iron ore prices remaining elevated, a strong full year result is expected. I agree with Macquarie and feel BHP is a great option in the resources sector.
HUB24 Ltd (ASX: HUB)
According to a note out of Citi, its analysts have retained their buy rating and $15.20 price target on this investment platform provider's shares. The broker was pleased with HUB24's quarterly update. Furthermore, it believes the strong growth in advisers using its platform is a positive indicator of its future growth. I think Citi is spot on and would class HUB24's shares as a buy at the current level.
National Australia Bank Ltd (ASX: NAB)
A note out of Goldman Sachs reveals that its analysts have reiterated their conviction buy rating and $29.84 price target on this banking giant's shares. According to the note, NAB remains its preferred bank exposure. This is based on its view that NAB's revenue momentum will remain superior to peers, driven by its overweight exposure to the SME market. It also believes it is on track to deliver top-of-peer growth over the next three years. I agree with Goldman Sachs and would be a buyer of its shares.
