With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Appen Ltd (ASX: APX)
According to a note out of Citi, its analysts have retained their buy rating and $9.15 price target on this artificial intelligence data services company's shares. This follows an update out of Meta (Facebook), which revealed an increase in artificial intelligence and machine learning investment. Citi feels this bodes well for Appen given how Facebook is one of the company's biggest customers. The Appen share price is trading at $6.39 on Monday afternoon.
Coles Group Ltd (ASX: COL)
A note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this supermarket giant's shares to $20.65. Morgans highlights that Coles delivered a third quarter sales update slightly ahead of its estimates. It feels this was a big positive given the major disruptions during the period. Overall, the broker continues to see Coles as a good value option with defensive qualities and the capacity to invest in growth opportunities. The Coles share price is fetching $18.52 today.
ResMed Inc (ASX: RMD)
Analysts at Goldman Sachs have retained their buy rating but trimmed their price target on this sleep treatment company's shares to $33.70. Goldman notes that ResMed's quarterly update highlighted that supply chain pressures remain acute and the near-term upside from the key competitor recall remains more limited than hoped. Nevertheless, the broker believes ResMed is still in a stronger position today than 12 months ago and does not believe the near term challenges should be overcapitalised. The ResMed share price is trading at $28.63 on Monday.
