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:
BlueScope Steel Limited (ASX: BSL)
According to a note out of Ord Minnett, its analysts have upgraded this steel producer's shares to a buy rating with an improved price target of $26.00. The broker made the move in response to higher steel price estimates. Ord Minnett notes that BlueScope's steel spreads continue to widen, which it expects to lead to a guidance upgrade in the near future. The BlueScope share price is trading at $20.40.
Tabcorp Holdings Limited (ASX: TAH)
A note out of Credit Suisse reveals that its analysts have upgraded this gaming company's shares to an outperform rating and increased the price target on them to $5.70. According to the note, the broker believes that the company's lottery business is performing very well and has upgraded its earnings to reflect this. In addition, the broker has been looking at its strategic review options and suspects a demerger of some assets could happen. This has the potential to create value for shareholders. The Tabcorp share price is fetching $4.93 today.
Xero Limited (ASX: XRO)
Analysts at Goldman Sachs have retained their buy rating but trimmed their price target on this accounting platform provider's shares to $153.00. According to the note, the broker was pleased with its acquisitions of Planday and Tickstar and believes they will accelerate Xero's platform strategy. Goldman also notes that they provide a platform for Xero to launch its core accounting product in Scandinavia, where there is a total addressable market (TAM) of 2.2 million subscribers. The Xero share price is trading at $141.43 today.
