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:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Morgan Stanley, its analysts have upgraded this banking giant’s shares to an overweight rating with an improved price target of $31.00. This follows the broker’s review of the banking sector. It has become more positive on the sector and ANZ due to its belief that the Reserve Bank could increase rates sooner than expected. Together with ANZ’s strong position in business banking, the broker feels this bodes well for the future. The ANZ share price is trading at $28.34 on Friday.
Netwealth Group Ltd (ASX: NWL)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this investment platform provider’s shares to $17.80. This follows the release of a second quarter update which smashed the broker’s expectations. In light of this, the broker has lifted its full year funds under administration estimate to reflect this stronger than expected performance. It also feels management’s guidance for FY 2022 is conservative. The Netwealth share price is fetching $15.56 this afternoon.
Santos Ltd (ASX: STO)
Analysts at Morgans have retained their add rating and lifted their price target on this energy producer’s shares to $9.15. This follows the release of a fourth quarter update which was ahead of the broker’s expectations. Overall, the broker remains positive on the company and sees opportunities for its shares to rerate to higher multiples in 2022. The Santos share price is trading at $7.11 on Friday afternoon.