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:
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BlueScope Steel Limited (ASX: BSL)
According to a note out of Macquarie, its analysts have upgraded this steel producer's shares to an outperform rating with an improved price target of $25.40. The broker made the move to reflect its belief that US steel prices will remain stronger for longer. In light of this and its current valuation, it believes there is an attractive risk/reward on offer with its shares. The BlueScope share price last traded at $22.82.
Brickworks Limited (ASX: BKW)
A note out of Ord Minnett reveals that its analysts have retained their buy rating and lifted their price target on this building products and property developer's shares to $26.00. According to the note, the broker notes that Beickworks is benefiting from favourable housing activity in Australia and non-residential construction in the United States. In addition to this, its property business is performing positively thanks to strong demand for industrial property. The Brickworks share price was fetching $23.41 at the end of last week.
Rio Tinto Limited (ASX: RIO)
Another note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this iron ore producer's shares to $157.00. Its analysts increased their price target to reflect a significant increase in iron ore prices. Macquarie expects this to lead to bumper earnings in the near term. Rio Tinto remains the broker's preferred option in the space. The Rio Tinto share price ended the week at $124.94.
