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:
Appen Ltd (ASX: APX)
According to a note out of Citi, its analysts have retained their buy rating but cut their price target on this artificial intelligence data services company’s shares to $14.80. Citi notes that Appen has not provided the market with a trading update, which it believes could be interpreted as a sign that the company has achieved its guidance in FY 2021. In light of this, it suspects that market consensus estimates could be too low. The Appen share price is trading at $10.18 this afternoon.
Harvey Norman Holdings Limited (ASX: HVN)
A note out of Credit Suisse reveals that its analysts have upgraded this retail giant’s shares to an outperform rating with a $5.62 price target. This broker believes Harvey Norman is benefitting from strong demand for household goods following recent industry updates. In light of this, it has updated its estimates and believes this makes its shares good value at the current levels. The Harvey Norman share price is fetching $5.25 today.
JB Hi-Fi Limited (ASX: JBH)
Analysts at Morgans have retained their add rating and lifted their price target on this retailer’s shares to $57.00. The broker notes that JB Hi-Fi’s half year trading update was significantly better than it was expecting. This has led to Morgans upgrading its sales and earnings estimates for the full year. Overall its analysts believe the combination of a strong market position, heightened customer demand, and good cost control make its shares inexpensive at current multiples. The JB Hi-Fi share price is trading at $49.63.