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:
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Baby Bunting Group Ltd (ASX: BBN)
According to a note out of Citi, its analysts have retained their buy rating but cut their price target on this baby products retailer's shares to $5.62. This follows the release of the company's full year results, which fell short of expectations. However, the broker was pleased with Baby Bunting's margin improvement which was driven by its new distribution centre and expansion in the luxury and private labels. Looking ahead, Citi remains positive and is forecasting solid earnings growth through to FY 2025. The Baby Bunting share price is trading at $4.82 today.
Insurance Australia Group Ltd (ASX: IAG)
A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this insurance giant's shares slightly to $5.50. This follows the release of IAG's FY 2022 results, which were largely pre-released last month. Macquarie likes the company due to its belief that it could be a good inflation hedge. The broker also feels that its shares are cheap at the current level. The IAG share price is fetching $4.50 on Monday.
ResMed Inc (ASX: RMD)
Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this sleep treatment company's shares to $36.80. According to the note, the broker was reasonably pleased with ResMed fourth quarter update. And while it has reduced its earnings estimates through to FY 2025 to reflect higher costs, it remains very positive. The broker believes ResMed's valuation is not demanding in the context of various near and long-dated tailwinds. The ResMed share price is trading at $33.53 this afternoon.
