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:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this bank's shares to $28.50. The broker was pleased with ANZ's first quarter update and has upgraded its estimates to reflect lower impairment charges, improving margins, and strong cost control. And while it still believes low interest rates and competition will limit its growth in the medium term, it expects its strong capital position to support higher dividends. The ANZ share price is fetching $26.55 today.
Goodman Group (ASX: GMG)
Analysts at Credit Suisse have upgraded this integrated property company's shares to an outperform rating with a $19.62 price target. According to the note, Credit Suisse was expecting Goodman to upgrade its full year guidance last week, but the size of the upgrade was better than it expected. In addition to this, the broker was pleased with its result and notes that its development income was stronger than it forecast. The Goodman share price is trading at $17.30 this afternoon.
Lovisa Holdings Ltd (ASX: LOV)
A note out of Morgan Stanley reveals that its analysts have upgraded this fashion jewellery retailer's shares to an overweight rating with an improved price target of $15.00. According to the note, Lovisa delivered a first half result ahead of its expectations. In fact, it almost surpassed the broker's full year profit estimates in the first half. Morgan Stanley was also pleased to see its same store sales growth return early in the second half. Looking ahead, it sees a lot of potential from its global rollout. The Lovisa share price has now breached the broker's price target and is trading at $15.07 this afternoon after a huge gain today. However, analysts at Morgans believe its shares can go even higher that Morgan Stanley's price target. This morning they retained their add rating and lifted their price target to $17.95.
