With so many shares to choose from on the ASX, 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:
National Australia Bank Ltd (ASX: NAB)
According to a note out of UBS, its analysts have retained their buy rating and $20.50 price target on this banking giant’s shares following its provisions update. UBS remains positive despite NAB revealing that its second half result will be reduced by a net increase in provisions and impairments of $642 million. It likes the bank due to its experienced management team and strong balance sheet. The latter leaves it well-placed to navigate the tough economic environment. I agree with UBS and feel NAB is worth considering.
Qantas Airways Limited (ASX: QAN)
Analysts at Goldman Sachs have retained their buy rating and $5.28 price target on this airline operator’s shares following its annual general meeting update. According to the note, the broker is becoming more confident that a re-opening of Australian domestic aviation markets will occur pre-Christmas. This follows low community transmission of COVID-19, recent moves to relax border restrictions, and the introduction of tourism stimulus. It feels Qantas will benefit greatly from this due to its leadership position in the domestic market. I think Goldman Sachs is spot on and Qantas could be a great option.
Webjet Limited (ASX: WEB)
A note out of Ord Minnett reveals that its analysts have retained their buy rating and lifted the price target on this online travel agent’s shares to $4.58. This follows the release of its trading update last week. Ord Minnett notes that its cash burn is improving and expects this to continue to be the case as domestic borders open. It also expects Webjet to benefit from pent up demand in the tourism sector. While the broker makes some great points, I feel Webjet’s shares are still expensive and would prefer to invest at a much cheaper price.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended 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.
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