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:
Goodman Group (ASX: GMG)
According to a note out of Citi, its analysts have retained their buy rating and lifted their price target on this integrated property company's shares to $29.50. This follows the release of a half year result that came in ahead of Citi's expectations. The broker remains positive on the Goodman's outlook thanks to strong demand for industrial properties. It also believes that management's full year guidance is conservative. The Goodman share price is trading at $23.24 on Friday.
South32 Ltd (ASX: S32)
Another note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this mining giant's shares to $5.00. Citi notes that South32 delivered a half year result in line with expectations. And while it isn't immune from cost pressures, the broker expects higher commodity prices to offset this and has upgraded its earnings forecasts. The South32 share price is fetching $4.56 today.
Telstra Corporation Ltd (ASX: TLS)
Analysts at Morgans have retained their add rating and $4.56 price target on this telco giant's shares. Morgans was pleased with Telstra's half year results. The broker notes that they came in slightly ahead of expectations and its full year guidance has been reiterated. Having looked through the result, its analysts believe under the hood things are looking good. It also believes sector dynamics look positive and value realisation is possible. The Telstra share price is trading at $3.96 on Friday afternoon.
