Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here’s why brokers think investors ought to buy them next week:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Morgans, its analysts have retained their add rating but trimmed their price target on this banking giant’s shares to $31.00. This follows the release of full year result that revealed a better than expected cash profit and dividend in FY 2021. One slight disappointment was a contraction in home loan lending. And while the broker suspects that the market may have doubts regarding ANZ’s cost reduction plans, its analysts believe the bank can sustainably meet its target. The ANZ share price ended the week at $28.80.
Macquarie Group Ltd (ASX: MQG)
A note out of Citi reveals that its analysts have upgraded this investment bank’s shares to a buy rating with an improved price target of $226.00. The broker was pleased with Macquarie’s performance during the first half and is expecting more of the same in the second half. This is due partly to Citi’s belief that Macquarie is well-placed to benefit from the current energy crisis. The Macquarie share price was fetching $202.42 at Friday’s close.
Rio Tinto Limited (ASX: RIO)
Analysts at Credit Suisse have retained their outperform rating but trimmed their price target on this mining giant’s shares to $106.00. According to the note, the broker believes the recent weakness in the Rio Tinto share price is a buying opportunity. Credit Suisse feels its current share price implies a much weaker than likely iron ore price. In addition, its analysts believe the outlook for iron ore is more positive beyond 2022. The Rio Tinto share price ended the week at $88.81.