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:
AGL Energy Limited (ASX: AGL)
According to a note out of Ord Minnett, its analysts have upgraded this energy company’s shares to a buy rating with a trimmed price target of $7.55. The broker made the move in response to a sharp pullback by the company’s shares this year. Ord Minnett notes that this leaves AGL’s shares trading below its valuation of just its retail business. The AGL Energy share price is changing hands for $6.01 on Friday.
Bapcor Ltd (ASX: BAP)
A note out of Citi reveals that its analysts have upgraded this auto parts company’s shares to a buy rating with an $8.25 price target. Citi upgraded the company’s shares on valuation grounds after a sizeable post-results pullback. In addition, the broker is positive on Bapcor’s outlook due to its store rollout plans and its belief that it will benefit from the opening up of New South Wales and Victoria from lockdowns in the near future. The Bapcor share price is fetching $7.51 this afternoon.
Brickworks Limited (ASX: BKW)
Another note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this building products company’s shares to $30.00. This follows the release of a full year result that was ahead of both the broker’s expectations and the market consensus estimate. Looking ahead, the broker is confident in its outlook and has upgraded its forecasts to reflect this. The Brickworks share price is trading at $25.25 on Friday afternoon.