Australia's top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a number of broker notes.
Three broker buy ratings that have caught my eye are summarised below. Here's why brokers think these ASX shares are in the buy zone:
BHP Group Ltd (ASX: BHP)
According to a note out of Macquarie, its analysts have retained their outperform rating and $57.00 price target on this mining giant's shares. Although the iron ore price has pulled back notably from recent highs, the broker remains positive on miners with exposure to the steel making ingredient. Particularly given the strong free cash flow that BHP is generating at current prices even after recent weakness. This is expected to support generous dividend payments. The BHP share price is currently fetching $46.90.
Nearmap Ltd (ASX: NEA)
Analysts at Morgan Stanley have retained their overweight rating and $3.20 price target on this aerial imagery technology and location data company's shares. According to the note, the broker was pleased to see Nearmap provide more colour on rival Eagleview's legal claim. It notes that Eagleview's patent infringement claim relates to roof-management techniques and not all elements of its product. Morgan Stanley estimates that this accounts for less than a quarter of its US business. In addition to this, it points out that the company hasn't experienced any material sales impacts because of the claim. The Nearmap share price is trading at $1.85 this afternoon.
Straker Translations Ltd (ASX: STG)
A note out of Ord Minnett reveals that its analysts have retained their buy rating and lifted their price target on this translation services company's shares to $2.46. This follows the release of a strong full year result by Straker earlier this week. Ord Minnett believes the company is well placed for growth as trading conditions improve. Particularly given its Lingotek acquisition, which provides cross-selling opportunities. It also sees opportunities for the company to grow through further acquisitions as the industry consolidates. The Straker share price is fetching $2.11 on Thursday.
