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:
Allkem Ltd (ASX: AKE)
According to a note out of Bell Potter, its analysts have a buy rating and $17.53 price target on this lithium miner’s shares. Its analysts are positive on lithium prices and expect supply constraints to keep them higher for the foreseeable future. Bell Potter expects this to underpin significant improvements in cash generation and profits in the coming years. The broker also likes Allkem due to its aim of maintaining a 10% share of supply in a global lithium market experiencing unprecedented growth. The Allkem share price was trading at $9.80 on Monday.
Brambles Limited (ASX: BXB)
A note out of Ord Minnett reveals that its analysts have retained their buy rating and $13.50 price target on this logistics solutions company’s shares. Its analysts believe that the current Brambles share price implies an overly punitive earnings multiple of just 2x EBITDA on the company’s struggling Americas business. This compares to an estimated 12x EBITDA for its other businesses. So, with its Americas operations now starting to show early signs of a recovery, it could be a good time to invest. The Brambles share price is fetching $10.51 today.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
Another note out of Bell Potter reveals that its analysts have retained their buy rating but trimmed their price target on this biopharmaceutical company’s shares to $1.90. Bell Potter has reduced its valuation to reflect the ongoing correction to biotechnology sector valuations. However, it remains positive and believes upcoming data from the OA-008 osteoarthritis study could represent a significant catalyst. The Paradigm share price was trading at 98 cents on Monday.