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 you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:
Allkem Ltd (ASX: AKE)
According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on this lithium producer's shares to $12.00. Citi likes Allkem, previously known as Orocobre, due to its exposure to sky high lithium prices through its operations in Western Australia and Argentina. The Allkem share price is trading at $8.71 on Friday afternoon.
Life360 Inc (ASX: 360)
A note out of Bell Potter reveals that its analysts have retained their buy rating and lifted their price target on this app maker's shares to $16.25. This follows news that Life360 is acquiring items tracking company Tile. Together with its recent acquisition of Jiobit, Bell Potter believes Life360 is well positioned for growth. For example, the broker is forecasting revenue of US$247 million in FY 2022 and then US$334 million in FY 2023. The Life360 share price is fetching $11.65 today.
South32 Ltd (ASX: S32)
Analysts at Morgans have upgraded this mining giant's shares to an add rating with an improved price target of $4.10. According to the note, Morgans has adjusted its forecasts to reflect the acquisition of a stake in the Sierra Gorda copper mine in Chile. Outside this, the broker likes South32 due to the diversity of its operations and its generous dividend yield. The latter is expected to be +7% in FY 2022 at current levels. The South32 share price is trading at $3.84 today.
