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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
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 Xero. The Motley Fool Australia has no position in any of the stocks mentioned. 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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