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:
Pilbara Minerals Ltd (ASX: PLS)
According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this lithium miner's shares to $5.90. This follows the release of a first quarter update which revealed production and shipments that were ahead of Macquarie's expectations. This has led to the broker boosting its earnings estimates and valuation accordingly. The Pilbara Minerals share price is trading at $4.99 today.
Treasury Wine Estates Ltd (ASX: TWE)
A note out of Goldman Sachs reveals that its analysts have upgraded this wine company's shares to a buy rating with an improved price target of $14.70. Goldman has become bullish on Treasury Wine due to the successful redirection of Penfolds China volumes and Treasury Americas' focus on the premium market. Overall, the broker believes this will allow the company to grow its net profit in the mid-teens each year through to FY 2025. The Treasury Wine share price is fetching $12.65 on Wednesday.
Westpac Banking Corp (ASX: WBC)
Analysts at Citi have retained their buy rating and $30.00 price target on this banking giant's shares. This follows news that Westpac expects its second half profits to be impacted by $1.3 billion of notable items. Citi highlights that most of this was already known and thus hasn't had much of an impact on its estimates. As a result, it remains positive on Westpac and continues to rate it as a buy. The Westpac share price is trading at $23.92 this afternoon.
