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:
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Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Goldman Sachs, its analysts have initiated coverage on this corporate travel specialist's shares with a buy rating and $20.20 price target. The broker highlights that Corporate Travel Management offers strong growth and margin accretion opportunities with improving scale and a consolidating market. The Corporate Travel Management share price is trading at $17.28 this afternoon.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $5.70 price target on this lithium miner's shares. This follows the company's latest digital auction, which revealed another rise in prices for its spodumene. Macquarie was pleased with the results and is expecting more regular sales on the platform in the near future thanks to the ramp up of the Ngungaju project. The Pilbara Minerals share price is fetching $5.08 today.
Rio Tinto Limited (ASX: RIO)
Analysts at Morgans have retained their add rating and $108.00 price target on this mining giant's shares. This follows the release of the company's third quarter update. Although it was a touch disappointed with the update, it believes the market was already pricing in a softer performance. Overall, Morgans stated that the operational weak-points and guidance cuts are disappointing, but they are not material to Rio Tinto's long-term fundamentals. The Rio Tinto share price is trading at $94.21 on Wednesday.
