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:

Allkem Ltd (ASX: AKE)

According to a note out of Citi, its analysts have retained their buy rating and bumped up their price target on this lithium miner’s shares to $16.00. Citi expects lithium prices to be stronger for longer on the belief that it will be a couple of years until the lithium market finds a balance again. This bodes well for Allkem, which remains the broker’s top pick in the industry. The Allkem share price ended the week at $13.52.

Pilbara Minerals Ltd (ASX: PLS)

A note out of Macquarie reveals that its analysts have retained their outperform rating but trimmed their price target on this lithium miner’s shares slightly to $4.00. This follows the release of a quarterly update which fell short of the broker’s expectations due largely to a delayed shipment. Nevertheless, Macquarie remains positive on Pilbara Minerals due to strong lithium prices and its bold production targets. The Pilbara Minerals share price was fetching $2.96 at Thursday’s close.

ResMed Inc. (ASX: RMD)

Another note out of Citi reveals that its analysts have retained their buy rating and $38.00 price target on this medical device company’s shares. Citi believes ResMed is well-placed to benefit post-COVID if it can avoid short term supply chain disruption. Especially given the enormous Philips product recall, which is expected to run until the end of the year. The ResMed share price ended the week at $31.61.

Motley Fool contributor James Mickleboro owns Allkem Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended ResMed Inc. 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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