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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Macquarie Group Ltd (ASX: MQG)
According to a note out of Citi, its analysts have retained their buy rating and $226.00 price target on this investment bank's shares. Citi notes that Macquarie's shares have risen strongly this year. However, it still believes they can keep rising due to favourable tailwinds such as commodity price volatility and higher energy prices. The latter are supporting its gas marketing business. The Macquarie share price is trading at $202.05 on Monday afternoon.
Oil Search Ltd (ASX: OSH)
A note out of UBS reveals that its analysts have retained their buy rating and lifted their price target on this energy company's shares to $5.65. UBS has upgraded the company's earnings estimates to reflect higher oil price forecasts due to tighter than expected supply. In addition, the broker notes that the independent expert has recommended the Oil Search-Santos Ltd (ASX: STO) merger. UBS feels this development has de-risked things materially. The Oil Search share price is fetching $4.28 today.
Rio Tinto Limited (ASX: RIO)
Another note out of Citi reveals that its analysts have retained their buy rating and $115.00 price target on this mining giant's shares. Citi likes Rio Tinto due to its bullish view on aluminium, which it expects to fall into a deep deficit in 2022. In addition, the broker believes the company will benefit from Chinese demand for higher grade iron ore. The Rio Tinto share price is trading at $91.97 this afternoon.
