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 ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Fortescue Metals Group Limited (ASX: FMG)
According to a note out of Ord Minnett, its analysts have retained their buy rating and $29.00 price target on this iron ore producer’s shares. The broker notes that Fortescue is expecting to report a first half net profit of US$4 billion to US$4.1 billion in February. This is in line with what Ord Minnett was forecasting. In addition to this, it notes that the company has plans to build a steel plant and is looking into clean energy opportunities. The Fortescue share price is trading at $25.46 this afternoon.
IDP Education Ltd (ASX: IEL)
Analysts at UBS have retained their buy rating and lifted the price target on this student placement and language testing company’s shares to $23.00. According to the note, the broker believes trading conditions are improving for the company and has lifted its earnings forecasts to reflect this. Looking ahead, the broker believes IDP Education is well-placed for growth thanks to market share gains and its computer-based IELTS offering, which has higher margins. The IDP Education share price is fetching $21.53 on Monday.
Webjet Limited (ASX: WEB)
A note out of UBS reveals that its analysts have retained their buy rating and lifted the price target on this online travel agent’s shares to $5.40. According to the note, UBS acknowledges that the travel sector is still facing COVID headwinds and international travel looks unlikely this year. However, it believes the company is well-positioned to win market share from its rivals and take advantage of the pent-up demand when conditions improve. The Webjet share price is trading at $4.78 this afternoon.
Where to invest $1,000 right now
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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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