The Australian share market is home to a number of companies across various sectors.
Listed below are three ASX shares from very different sectors that have been named as buys for 2022. Here's what you need to know about them:
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Allkem Ltd (ASX: AKE)
The first ASX share to buy in 2022 is Allkem. It is the result of the merger of Galaxy Resources with Orocobre earlier this year, which created a top five global lithium mining company. Thanks to its world class operations in Argentina and Western Australia, Allkem is benefiting greatly from sky high lithium prices. And with the team at Macquarie expecting prices to remain at record highs for the next four years, it looks well-placed for growth as its production ramps up. Macquarie currently has an outperform rating and $13.60 price target on its shares.
Westpac Banking Corp (ASX: WBC)
Another ASX share that has been tipped as a buy is Westpac. While this banking giant's near term outlook is undoubtedly softer than previously anticipated, the team at Morgans believe it is worth sticking with the company. The broker also believes recent weakness in the Westpac share price has left it trading at a very attractive level. As a result, Westpac is Morgans top pick among the big four right now. The broker has an add rating and $29.50 price target on its shares.
Xero Limited (ASX: XRO)
A final ASX share rated as a buy is Xero. It is a provider of a cloud-based business and accounting solution to small and medium sized businesses. The team at Goldman Sachs believe it could be a great option for investors, especially those looking for long term investments. This is due to its belief that Xero is well-placed to deliver strong revenue growth over multiple decades. Goldman expects this to be underpinned by its international expansion, acquisitions, the transition to the cloud, and the monetisation of its app ecosystem. The broker currently has a buy rating and $158.00 price target on its shares.
