Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
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:
BlueBet Holdings Ltd (ASX: BBT)
According to a note out of Morgans, its analysts have retained their add rating and $2.44 price target on this sports betting company's shares. This follows news that BlueBet has signed an agreement with the Colorado River Indian Tribes and BlueWater Resort and Casino to pursue online sports betting access in Arizona. Morgans was pleased with the news, noting that this follows a similar development in Virginia. The broker believes the company has a huge opportunity in the US market. The BlueBet share price is trading at $2.00 at present.
Novonix Ltd (ASX: NVX)
Another note out of Morgans reveals that its analysts have retained their (speculative) add rating and lifted their price target on this lithium company's shares to $4.53. Morgans notes that US energy company Phillips 66 is investing in Novonix, with the proceeds expected to support an increase in Novonix Anode Materials production capacity. The broker feels the deal de-risks the company's growth plans. It also believes Novonix is well-positioned in the US market to benefit from increasing demand for battery materials. The Novonix share price is fetching $3.93 currently.
Suncorp Group Ltd (ASX: SUN)
Analysts at Credit Suisse have upgraded this insurance giant's shares to an outperform rating and lifted the price target on them to $14.00. This follows the release of a strong full year result earlier this week. Credit Suisse appears confident this strong form will continue, underpinning further growth in earnings and dividends in the near term. The Suncorp share price is trading at $12.77 on Wednesday.
