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:
Carsales.Com Ltd (ASX: CAR)
According to a note out of UBS, its analysts have retained their buy rating and lifted their price target on this auto listings company’s shares to $27.00. UBS remains positive on Carsales’ outlook and believes it is well-placed for growth over the coming years. Especially if it can leverage its expertise to grow the recently acquired Trader Interactive business in the United States. The Carsales share price ended the week at $25.31.
Liontown Resources Limited (ASX: LTR)
A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this lithium developer’s shares to $2.20. Macquarie made the move on the belief that the outlook for lithium remains very positive. So much so, it expects prices to be at record levels for the next four years. This means they should still be very strong when Liontown’s production commences in FY 2025. The Liontown share price was fetching $1.54 at Friday’s close.
Rio Tinto Limited (ASX: RIO)
Analysts at Citi have retained their buy rating and $115.00 price target on this mining giant’s shares. According to the note, Citi is positive on the company’s plan to acquire the Rincon Lithium project in Argentina for US$825 million. The broker believes this confirms Rio Tinto’s ambition to be a serious player in lithium/battery materials. The Rincon Lithium project has the potential to be a low cost, low carbon footprint brine project of 50ktpa LCE. The Rio Tinto share price was trading at $99.10 at the end of the week.