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:
Afterpay Ltd (ASX: APT)
According to a note out of Citi, its analysts have retained their buy rating and $42.20 price target on this payments company’s shares. The broker has been looking into the UK market and notes that rival Klarna has a first mover advantage. However, it was pleased to see strong overall market growth and believes that Afterpay is not been impacted by this and continues to grow strongly. I agree with Citi that Afterpay is a buy. However, I would wait for the market volatility to ease before buying shares.
OceanaGold Corp (ASX: OGC)
Analysts at Credit Suisse have retained their outperform rating but lowered the price target on this gold miner’s shares to $4.20. According to the note, the broker believes that the company’s Didipio operation is distracting investors and holding down its share price. But even after removing the embattled Philippines-based operation’s earnings out of the equation, the broker sees value in the gold miner’s shares. I think Credit Suisse makes some good points and OceanaGold could be worth considering.
Suncorp Group Ltd (ASX: SUN)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $13.93 price target on this banking and insurance giant’s shares. According to the note, the broker has been looking into the impact of the coronavirus outbreak on financial shares. It believes that Suncorp has limited immediate impact from the outbreak. Outside this it sees manageable headwinds from lower rates and remains positive on its prospects in the medium term. Whilst it isn’t a share that I’m a particularly big fan of, it could be worth a closer look after its recent pullback.
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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 AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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