Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here's why brokers think investors ought to buy them next week:
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Australia and New Zealand Bank Group Ltd (ASX: ANZ)
According to a note out of Macquarie, its analysts have upgraded this banking giant's shares to an outperform rating with an improved price target of $24.00. Macquarie has become bullish on bank shares thanks to rising rates and slower term deposit repricing. It believes these pose upside risks to bank earnings estimates during the first half of FY 2023. In addition, it is worth highlighting that the broker is expecting a 6%+ dividend yield in FY 2023 from the bank. The ANZ share price ended the week at $23.02.
ResMed Inc. (ASX: RMD)
Another note out of Macquarie reveals that its analysts have retained their outperform rating and $38.70 price target on this sleep treatment company's shares. This follows news that rival Philips is facing another product recall. Macquarie sees potential for ResMed to win market share from Philips thanks to this news. The ResMed share price was fetching $34.25 at Friday's close.
Temple & Webster Group Ltd (ASX: TPW)
Analysts at Goldman Sachs have initiated coverage on this online furniture retailer's shares with a buy rating and $7.55 price target. According to the note, the broker believes Temple & Webster is positioned for strong long term growth. It feels the company is best placed to be a winner in a category that favours scale players, requires a specialised approach to e-commerce, and has higher barriers to entry versus other retail categories. The Temple & Webster share price ended the week at $5.84.
