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:
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Life360 Inc (ASX: 360)
According to a note out of Bell Potter, its analysts have retained their buy rating and lifted their price target on this app maker's shares to $10.75. This follows the release of a strong half year result this week. Bell Potter has upgraded its revenue forecasts for the coming years to reflect higher annualised monthly revenue and higher average revenue per paying circle. And while it is expecting larger losses because of higher investments, the broker appears to believe this is worth it to drive long term growth. The Life360 share price was fetching $9.34 on Friday.
MNF Group Ltd (ASX: MNF)
A note out of Ord Minnett reveals that its analysts have retained their buy rating and increased their price target on this VoiP focused technology company's shares to $7.33. This follows the release of a pleasing full year result, which saw the company achieve the top end of its guidance. Ord Minnett was particularly pleased with the growth in its higher margin recurring revenues. Looking ahead, the broker expects more of the same in FY 2022 and notes that it has $100 million of cash on the balance sheet to support its growth plans. The MNF share price is trading at $6.12 today.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Macquarie have retained their outperform rating and lifted their price target on this lithium miner's shares to $2.70. According to the note, Pilbara Minerals' full year results fell short of the broker's expectations. Nevertheless, Macquarie remains positive on the company due to the positive outlook for lithium and its long term production growth. The latter is being driven by the staged development of its Pilgan and Ngungaju operations. The Pilbara Minerals share price was fetching $2.07 on Friday.
