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 leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Aristocrat Leisure Limited (ASX: ALL)
According to a note out of Credit Suisse, its analysts have retained their outperform rating and lifted their price target on this gaming technology company's shares to $50.30. The broker estimates that Aristocrat Leisure will pay royalties of ~$700 million to platforms such as Apple's App Store and the Google Play Store in the current financial year. In light of this, it feels a reduction in these royalty payments due to regulatory pressures could be a big boost to its profits. The Aristocrat Leisure share price is fetching $48.22 today.
Rio Tinto Limited (ASX: RIO)
A note out of Ord Minnett reveals that its analysts have retained their buy rating but trimmed their price target on this mining giant's shares to $150.00. The broker has reduced its iron ore forecasts and amended its earnings estimates lower to reflect this. Nevertheless, it still sees a lot of value in the Rio Tinto share price at the current level and has retained its buy rating. The Rio Tinto share price is trading at $105.98 on Monday afternoon.
Telstra Corporation Ltd (ASX: TLS)
Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this telco giant's shares to $4.40. According to the note, the broker is very positive ahead of the company's Strategy for the Future Investor Day event this week. This strategy is expected to provide investors with an idea of its plans beyond its highly successful T22 strategy. The broker expects a continuation of the current strategy but with a tilt towards growth. The Telstra share price is fetching $3.91 today.
