Top brokers name 3 ASX shares to buy next week

Brokers are feeling positive about these ASX shares…

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Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.

Here’s why brokers think investors ought to buy them next week:

Coles Group Ltd (ASX: COL)

According to a note out of Citi, its analysts have retained their buy rating and $19.30 price target on this supermarket operator’s shares. Citi has been looking over the recently announced federal budget and believes it will be a boost to disposable income. While this bodes well for the retail sector, its analysts expect supermarkets to be among the biggest winners. The Coles share price ended the week at $17.88.

Rio Tinto Limited (ASX: RIO)

A note out of Macquarie reveals that its analysts have retained their outperform rating and $140.00 price target on this mining giant’s shares. While Macquarie believes Rio Tinto will have to increase its offer to successfully acquire Turquoise Hill, it remains positive. Particularly with high iron ore prices underpinning strong earnings and dividends. The Rio Tinto share price was fetching $120.34 at the end of the week.

Webjet Limited (ASX: WEB)

Analysts at Goldman Sachs have retained their buy rating and $6.90 price target on this online travel agent’s shares. Goldman believes Webjet is well-placed to benefit from the travel recovery tailwind, especially given its structurally improved profitability and the strong outlook of the Bedbanks business. Goldman expects the latter to resume the strong growth journey that it embarked on prior to the COVID pandemic. The Webjet share price was trading at $5.54 at Friday’s close.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Macquarie Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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