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:

Lottery Corporation Ltd (ASX: TLC)

According to a note out of Morgans, its analysts have initiated coverage on this lottery company’s shares with an add rating and $5.40 price target. Morgans is very positive on the company due to its defensive qualities and positive growth outlook. It highlights that lottery ticket sales are resilient to economic cyclicality, its cash flows are steady and predictable, and there is a low ongoing need for capex. The Lottery Corporation share price ended the week at $4.43.

Wesfarmers Ltd (ASX: WES)

Another note out of Morgans reveals that its analysts have retained their add rating but trimmed their price target on this conglomerate’s shares to $58.40. This follows the company’s strategy update, which provided insights into the growth opportunities available for each of its business divisions. In addition, Morgans was pleased that management is confident it can navigate through a more cautious consumer environment. The Wesfarmers share price was fetching $47.15 at Friday’s close.

Westpac Banking Corp (ASX: WBC)

Analysts at Citi have retained their buy rating and $29.00 price target on this banking giant’s shares. According to the note, the broker believes that lending-derived revenue growth will be hard to come by in the near future. Instead, it expects deposit-derived revenue to be the key growth driver as rates rise and credit slows. In light of this, it expects the current valuation gap between asset growing and revenue challenged banks such as Westpac will close. The Westpac share price ended the week at $24.00.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. 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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