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:
BHP Group Ltd (ASX: BHP)
According to a note out of Goldman Sachs, its analysts have upgraded this mining giant’s shares to a buy rating with a $36.60 price target. The investment bank has been looking at the resources sector and sees a lot of value in BHP’s shares. It believes its valuation is compelling at 0.76x its DCF-based net asset value. It also notes that it has a strong balance sheet and the ability to make value-accretive acquisitions. I agree with Goldman Sachs and feel BHP would be a good option for investors.
Nanosonics Ltd (ASX: NAN)
Analysts at Morgans have retained their add rating and trimmed the price target on this infection control specialist’s shares to $6.92. According to the note, the broker was pleased with its quarterly update which it feels demonstrated the resilience of its consumables revenue. And while it notes that the June quarter outlook is uncertain, it believes investors should take advantage of its share price weakness to top up their positions. I think Morgans is spot on and Nanosonics could be a great long term option for investors.
Webjet Limited (ASX: WEB)
A note out of Ord Minnett reveals that its analysts have retained their buy rating but taken an axe to their price target on this online travel agent’s shares and cut it down to $4.86. The broker has been looking through its numbers following its recent the capital raising and believes Webjet is now well-placed to survive the coronavirus crisis. This is even if company were to record no revenue until the end of FY 2021. Whilst I think Ord Minnett makes some great points, I’d like to see how the travel and tourism market recovers before investing.
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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 Nanosonics Limited and Webjet 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.