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:
Airtasker Ltd (ASX: ART)
According to a note out of Morgans, its analysts have retained their add rating but trimmed their price target on this small jobs marketplace provider’s shares to $1.15. Morgans was pleased with Airtasker’s quarterly update, which revealed further solid growth in gross marketplace volume. In addition, the broker was pleased with the traction it is gaining in the UK and US markets. The Airtasker share price is trading at 52 cents this afternoon.
Nufarm Ltd (ASX: NUF)
A note out of Bell Potter reveals that its analysts have retained their buy rating and lifted their price target on this agricultural chemicals company’s shares to $7.85. This follows the release of a half year trading update which revealed earnings well ahead of the broker’s expectations. Nufarms expects underlying EBITDA of $320 million to $340 million for the half, compared to Bell Potter’s $241 million estimate. The broker remains positive on the future, particularly given the creation of new revenue streams in oils and biofuels. The Nufarm share price is fetching $6.80 on Wednesday.
South32 Ltd (ASX: S32)
Analysts at Citi have retained their buy rating and $5.50 price target on this mining giant’s shares. According to the note, South32’s quarterly update was reasonable but marginally weaker than it was expecting. And while Citi has trimmed its FY 2022 estimates to reflect higher costs, this has been offset by increases to future period earnings from raised commodity price assumptions. Outside this, the broker highlights that South32 remains the cheapest of the large cap Australian miners. The South32 share price is trading at $4.58 today.