It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
According to a note out of Macquarie, its analysts have retained their outperform rating and $29.50 price target on this banking giant’s shares. It believes that the recent weakness in the banking sector has created a buying opportunity for investors. Particularly given how it believes “lazy” term deposit customers that don’t switch to better offers could provide a margin boost over the next 12 months. The ANZ share price is trading at $23.13 this afternoon.
SEEK Limited (ASX: SEK)
A note out of Credit Suisse reveals that its analysts have retained their outperform rating on this job listings company’s shares with a $36.90 price target. Credit Suisse has bumped its earnings estimates higher for FY 2022 to reflect stronger than expected volumes at home and in Asia. The broker’s estimate now implies earnings ahead of management’s guidance. The Seek share price is fetching $22.24 on Friday.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and $108.00 price target on this cloud accounting platform provider’s shares. This follows news that Xero is increasing its prices in the ANZ and UK markets less than a year after its last increase. This is much quicker than the company traditionally increases prices. Citi believes this is an indication of the company’s confidence in its position in its core markets. The Xero share price is trading at $81.94 on Friday afternoon.