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:
Elders Ltd (ASX: ELD)
According to a note out of Goldman Sachs, its analysts have retained their conviction buy rating and $21.00 price target on the agribusiness company's shares. Goldman believes that recent weakness in the Elders share price has created a buying opportunity for investors. Particularly given the long term structural growth opportunities still in front of the company. The Elders share price is trading at $12.01 on Friday.
Qantas Airways Limited (ASX: QAN)
A note out of UBS reveals that its analysts have retained their buy rating and $6.55 price target on this airline operator's shares. UBS notes that recession fears have been weighing heavily on the Qantas share price. However, the broker believes that if the economy avoids a recession and has a soft landing instead, then compelling value will be found in its shares. The Qantas share price is fetching $4.63 today.
ResMed Inc (ASX: RMD)
Analysts at Macquarie have retained their outperform rating and lifted their price target on this sleep treatment company's shares to $38.70. According to the note, the broker suspects that consensus estimates could be too low in the coming years if industry device volume growth improves as it expects. In addition, Macquarie sees an opportunity for ResMed to continue to increase its market share following the Philips recall. The ResMed share price is trading at $34.45 this afternoon.
