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Top brokers name 3 ASX shares to buy after the market crash

It has been another busy week for many of Australia’s top brokers.

With the market in freefall and new developments occurring every hour, they have been rapidly adjusting their recommendations.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these shares are in the buy zone:

Accent Group Ltd (ASX: AX1)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $2.00 price target on this footwear-focused retailer’s shares following its coronavirus update. Although Accent has withdrawn its guidance and revealed that it now expects to post a decline in earnings in FY 2020, Morgan Stanley remains positive on the future. I agree with Morgan Stanley and expect Accent to bounce back strongly once trading conditions return to normal again.

Australia and New Zealand Banking Group (ASX: ANZ)

A note out of Credit Suisse reveals that its analysts have upgraded this banking giant’s shares to an outperform rating with a trimmed price target on $22.80. According to the note, the broker has reduced its earnings estimates to account for its expectation of higher bad debts and lower margins. This has resulted in the broker forecasting a dividend cut to $1.44 per share in FY 2020. I think Credit Suisse is on the money with this one and ANZ could be a good option for income investors even after a dividend cut.

Coles Group Ltd (ASX: COL)

Analysts at Goldman Sachs have reiterated their conviction buy rating after the lifted the price target on this supermarket giant’s shares to $18.90. According to the note, the broker has been looking at the impact the coronavirus is having on the supermarket industry. It believes Coles is benefiting greatly from the panic buying and has increased its earnings forecasts accordingly. The broker now expects Coles to deliver earnings per share of 75 cents in FY 2020. I agree with Goldman Sachs on Coles and think it is a great long term option for investors.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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.