Top brokers name 3 ASX shares to buy today

Brokers are feeling bullish about these ASX shares…

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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:

Pilbara Minerals Ltd (ASX: PLS)

According to a note out of Macquarie, its analysts have retained their outperform rating and $4.00 price target on this lithium miner’s shares. This follows news that the company’s fifth BMX auction received a winning bid of US$5,955 per dry metric tonne, which was well-ahead of Macquarie’s forecasts. Outside this, the broker notes that current lithium prices are significantly higher than its forecasts. This could lead to huge revisions to its earnings estimates if they don’t retreat. The Pilbara Minerals share price is trading at $2.79 today.

TechnologyOne Ltd (ASX: TNE)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating but trimmed their price target on this enterprise software company’s shares to $13.30. This follows the release of a half-year result that beat on the top line but missed on the bottom line. Goldman has responded by upgrading its revenue estimates but trimming its earnings estimates due to softer margin expectations. But with its price target offering material upside, it remains bullish on the investment opportunity here. The TechnologyOne share price is fetching $10.20 today.

Wesfarmers Ltd (ASX: WES)

Analysts at UBS have upgraded this conglomerate’s shares to a buy rating with a $56.00 price target. The broker notes that Wesfarmers’ shares have come under pressure amid concerns over consumer spending due to higher inflation. However, the broker feels investors should be focusing on Wesfarmers’ non-retail businesses, such as WesCEF, which are performing very positively. Combined with its exposure to lithium, the broker believes these businesses could offset any weakness in the retail business. The Wesfarmers share price is trading at $46.87 on Wednesday.

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 positions in and has recommended Goldman Sachs. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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