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:
NRW Holdings Limited (ASX: NWH)
According to a note out of Macquarie, its analysts have commenced coverage on this mining services company’s shares with an outperform rating and $2.10 price target. Macquarie likes NRW due to its exposure to rising spending on iron ore projects and infrastructure. It notes that it has an order book worth $14 billion which if converted should allow for strong ongoing revenue generation. The NRW share price is trading at $1.52 this afternoon.
Nuix Ltd (ASX: NXL)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $6.40 price target on this investigative analytics and intelligence software provider’s shares. Morgan Stanley notes that the company’s CEO and CFO are leaving and Nuix is in the process of finding a COO. While it sees risks from such major changes, it believes these steps are necessary to rebuild investor confidence. In light of this and its belief that the global forensic and investigative software market is a structural growth story, it maintains its overweight rating. The Nuix share price is fetching $2.78 today.
Praemium Ltd (ASX: PPS)
Analysts at Ord Minnett have retained their buy rating and increased their price target on this investment platform provider’s materially to $1.35. According to the note, the broker made the move after making changes to its valuation approach. In addition to this, the broker believes that Praemium could become a takeover target of one of its larger rivals. This is due to its quality technology platform and blue chip clients. The Praemium share price is trading at 97 cents this afternoon.