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 $30.50 price target on this banking giant's shares. The broker has been looking at the banking sector following recent results releases. It believes ANZ's shares offer investors the best value over the medium term. This is despite Macquarie not expecting ANZ's second half performance to be as strong as the first due to increasing costs. The ANZ share price is fetching $27.39 on Monday morning.
TPG Telecom Ltd (ASX: TPG)
A note out of Ord Minnett reveals that its analysts have upgraded this telco's shares to a buy rating but cut the price target on them to $6.45. The broker made the move largely on valuation grounds following a sharp pullback since announcing changes in its leadership. And while it notes that COVID-19 headwinds won't be going away any time soon, it expects this to be offset by merger synergies. The TPG Telecom share price is trading at $5.20 this morning.
Xero Limited (ASX: XRO)
Analysts at Morgan Stanley have retained their overweight rating but trimmed their price target on this cloud accounting platform provider's shares to $135.00. This follows the release of Xero's full year results last week. According to the note, the broker feels the market has overreacted to Xero's investment plans. It believes the strategy of reinvesting is the right thing to do and will help it maintain a leadership position over the long term. It points out that this strategy helped it unseat previous market leader MYOB in the past. The Xero share price is fetching $116.25 on Monday.
