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:
Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and lifted their price target on this corporate travel specialist’s shares to $28.00. The broker has named Corporate Travel Management as a top pick for investors looking for reopening investments. It believes the company’s decision to deploy capital at the bottom of the cycle will reap rewards in the future. The Corporate Travel Management share price is trading at $20.57 on Monday.
Lendlease Group (ASX: LLC)
A note out of Macquarie reveals that its analysts have upgraded this property company’s shares to an outperform rating and lifted their price target to $12.64. While the broker acknowledges that there is a risk that it has moved too soon with its recommendation, it believes Lendlease’s FY 2024 targets are achievable. In light of this, it suspects that the market will start to rerate its shares to higher multiples once it becomes apparent that the company is delivering on its targets. The Lendlease share price is fetching $10.42 this afternoon.
Pro Medicus Limited (ASX: PME)
Analysts at Morgans have upgraded this health imaging technology company’s shares to an add rating with a $54.49 price target. The broker notes that Pro Medicus’ shares have fallen heavily since it first downgraded its shares to a reduce rating earlier this month. It feels this has created a buying opportunity for investors with a long term and patient view. Though, it has warned that market sentiment is weak and its shares could yet be dragged lower in the near term. The Pro Medicus share price is trading at $45.44 on Monday afternoon.