Last week saw a number of broker notes hitting the wires once again. Three buy ratings that caught my eye are summarised below.
Here’s why brokers think investors ought to buy them next week:
Coles Group Ltd (ASX: COL)
According to a note out of Credit Suisse, its analysts have upgraded this supermarket operator’s shares to an outperform rating with an $18.19 price target. This follows the release of its third quarter sales update last week. The broker believes that consumer shopping behaviour is normalising, noting increased Sunday shopping and strong performances from shopping centre based stores. Combined with its undemanding valuation and positive growth outlook over the coming years, it believes now is a good time to invest. The Coles share price ended the week at $16.32.
Kogan.com Ltd (ASX: KGN)
Another note out of Credit Suisse reveals that its analysts have retained their outperform rating but trimmed the price target on this ecommerce company’s shares to $17.93. According to the note, the broker believes the issues that are impacting Kogan currently will only be temporary. In light of this, it feels investors should be focusing on its positive medium term outlook. The Kogan share price was fetching $11.08 at the close of play on Friday.
Newcrest Mining Ltd (ASX: NCM)
Analysts at Morgan Stanley have retained their overweight rating and $30.20 price target on this gold mining giant’s shares. According to the note, the broker was pleased with its third quarter performance. This was particularly the case with its Cadia and Lihir operations, which both had a solid quarter. Positively, Morgan Stanley notes that the gold miner has retained its guidance for FY 2021 and provided positive commentary on the SAG mill motor replacement. The Newcrest share price was trading at $26.52 at Friday’s close.