It has been another busy week for Australia's top brokers. This has led to the release of a large 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:
Macquarie Group Ltd (ASX: MQG)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $175.00 price target on this investment bank's shares. This follows news that Macquarie is acquiring the Global Equities and Fixed Income business from AMP Limited (ASX: AMP). Morgan Stanley notes that the purchase is consistent with Macquarie's strategy and expects it to add further scale and diversity. The Macquarie share price is trading at $153.95 today.
Megaport Ltd (ASX: MP1)
A note out of UBS reveals that its analysts have retained their buy rating and lifted their price target on this elastic interconnection services provider's shares to $18.75. This follows the release of Megaport's latest quarterly update, which revealed strong customer and ports growth. UBS is expecting this momentum to continue in FY 2022 and suspects consensus upgrades could follow if it does. The Megaport share price is trading at $16.18 this afternoon.
Westpac Banking Corp (ASX: WBC)
Analysts at Morgans have retained their add rating and $29.50 price target on this banking giant's shares. This morning the broker updated its forecasts to reflect a probable provision from Westpac's potential Forum Finance fraud and the benefits of its Westpac Life NZ sale. While this has resulted in a 2% reduction in its earnings estimates for FY 2021, it has no real bearing on its future estimates. In light of this, the broker holds firm with its positive rating. The Westpac share price is trading at $25.26 today.
