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:
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
According to a note out of Credit Suisse, its analysts have retained their outperform rating and $30.80 price target on this banking giant’s shares. Credit Suisse continues to rate ANZ as its preferred pick among the big four banks. This is due to its preference for banks with exposure to business banking, which it expects to fare better in the current environment. The ANZ share price is trading at $21.58 on Wednesday.
Lynas Rare Earths Ltd (ASX: LYC)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $12.80 price target on this rare earths producer’s shares. This follows news that the company has been awarded a US$120 million contract from the US government to build a heavy rare earths facility. Macquarie was pleased with the news and expects it to lead to the commencement of production in FY 2025. This is a year earlier than previously anticipated. The Lynas share price is fetching $8.88 today.
Xero Limited (ASX: XRO)
Analysts at Ord Minnett have retained their buy rating and $97.00 price target on this cloud accounting platform provider’s shares. Ord Minnett notes that Xero has announced that it is increasing subscription prices in the ANZ and UK markets. Its analysts expect this to boost the company’s average revenue per user metric. The Xero share price is trading at $77.58 this afternoon.