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:
BHP Group Ltd (ASX: BHP)
According to a note out of Ord Minnett, its analysts have retained their buy rating and lifted their price target on this mining giant's shares to $59.00. The broker notes that the BHP share price has been a relatively poor performer in 2021 despite rising commodity prices. However, it feels this could change in August and expects bumper dividends and a strong balance sheet to drive a re-rating. The BHP share price is currently fetching $45.72 today.
Goodman Group (ASX: GMG)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and increased the price target on this integrated property company's shares to $23.00. According to the note, the broker has been looking into Goodman's multi-storey warehouse development in southern Sydney. Morgan Stanley is a fan and believes the economics are attractive. It is estimating a yield on cost of around 6.5% compared to a market cap rate of circa 4%. The broker is expecting projects like this to underpin Goodman's Australian development profits throughout the 2020s. The Goodman share price is fetching $20.91 today.
REA Group Limited (ASX: REA)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $185.00 price target on this property listing company's shares. It is a big fan of REA Group due to its positive view of the Australian property market, which it expects to underpin solid growth in the coming years. In addition to this, the broker notes that REA Group recently picked up a 16.3% stake in PropertyGuru at a valuation of A$275 million. However, there is speculation that PropertyGuru could now be acquired for US$2 billion, valuing REA Group's stake at A$435 million. The REA Group share price is fetching $163.39 this afternoon.
