Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:
APM Human Services International Ltd (ASX: APM)
According to a note out of Goldman Sachs, its analysts have initiated coverage on this health and human services provider’s shares with a buy rating and $3.60 price target. Goldman notes that APM’s revenue is backed by long-term government procurement contracts, with a focus on employment, disability, and allied health services. It also sees strong organic growth opportunities thanks to its ~$2.5 billion per annum revenue tender pipeline and its scaling into the $30 billion per annum NDIS and growing aged care sector. The APM share price is trading at $2.73 today.
Bank of Queensland Limited (ASX: BOQ)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $10.00 price target on this regional bank’s shares. Macquarie was pleased with the bank’s trading update at its annual general meeting and particularly its guidance for positive jaws in FY 2022. It also feels that Bank of Queensland is managing margin pressures well in comparison to some of its peers. The Bank of Queensland share price is fetching $7.96 on Wednesday.
Newcrest Mining Ltd (ASX: NCM)
Analysts at Morgans have retained their add rating but trimmed their price target on this gold miner’s shares to $27.18. Morgans notes that Newcrest recently published studies outlining medium term development plans for its major assets. While the broker acknowledges that a lot of work needs to be done across Newcrest’s portfolio, it remains positive on the investment opportunity. It also sees potential for much greater value at Telfer/Havieron and Brucejack than currently modelled. The Newcrest share price is trading at $23.51 today.