Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a number of broker notes.
Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
Newcrest Mining Ltd (ASX: NCM)
According to a note out of Morgans, its analysts have upgraded this gold miner’s shares to an add rating with an improved price target of $29.89. The broker made the move in response to a strong half year result by Newcrest earlier this week. It believes the company is on track to achieve its guidance in FY 2021 and appears more confident on its long term strategy following the update. The Newcrest share price is trading at $26.09 this afternoon.
REA Group Limited (ASX: REA)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and lifted the price target on this property listings company’s shares to $175.00. According to the note, the broker continues to expect REA Group to bounce back strongly from the pandemic in the second half and FY 2022. In addition to this, it has lifted its valuation of REA Group’s stake in US real estate listings company Move Inc following a jump in its second quarter revenue. The REA Group share price is on course to end the week at $157.43.
Telstra Corporation Ltd (ASX: TLS)
Analysts at Credit Suisse have retained their outperform rating and $3.85 price target on this telco giant’s shares following its half year results. While the company’s update fell a touch short of the broker’s expectations, it was pleased with certain aspects of it. One of those was the performance of TowerCo, which it feels bodes well for when the company eventually looks to monetise the business. Credit Suisse continues to expect Telstra to pay a 16 cents per share dividend in the near term. The Telstra share price is fetching $3.25 on Friday afternoon.
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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 Telstra Limited. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.