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:
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Allkem Ltd (ASX: AKE)
According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on this lithium producer's shares to $14.00. Citi has revised its earnings estimates higher for Allkem. This follows a big increase to the broker's lithium price forecasts due to demand outstripping supply for the battery making ingredient. The Allkem share price is trading at $9.41 on Wednesday.
BHP Group Ltd (ASX: BHP)
A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this mining giant's shares to $54.00. This follows the release of BHP's half year results, which were well-ahead of the broker's expectations. And with spot commodity prices still at high levels, it feels more of the same could be coming in the second half. Macquarie also highlights that the Big Australian's new debt target range provides scope for M&A activity or increased capital returns. The BHP share price is fetching $47.11 today.
JB Hi-Fi Limited (ASX: JBH)
Analysts at Credit Suisse have retained their outperform rating and increased their price target on this retail giant's shares to $60.27. In response to its trading update for January and share buyback, Credit Suisse has lifted its earnings estimates. Outside this, the broker likes JB Hi-Fi due to its exposure to the work-from-home trend and improvements from The Good Guys business. The JB Hi-Fi share price is trading at $53.86 on Wednesday.
