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:
ARB Corporation Limited (ASX: ARB)
According to a note out of Citi, its analysts have retained their buy rating and $39.25 price target on this 4×4 products company's shares. Citi notes that US rival Fox Factory has released its quarterly update and revealed solid sales trends. The broker believes this bodes well for ARB's performance in the second quarter. The ARB share price is trading at $27.84 this afternoon.
CSL Limited (ASX: CSL)
A note out of Morgans reveals that its analysts have retained their add rating and $312.20 price target on this biotherapeutics company's shares. This follows the release of the company's research and development update. Morgans highlights that management conservatively estimates that at least 10 compounds (~20% of the total pipeline) have the potential to be standard of care treatments. The CSL share price is fetching $276.49 on Monday.
Rio Tinto Limited (ASX: RIO)
Analysts at Goldman Sachs have retained their buy rating but trimmed their price target on this mining giant's shares to $112.60. While the broker has trimmed its copper price forecasts, it isn't enough to change its positive view. Particularly given that its shares are trading at 0.8x net asset value with an attractive dividend yield. The broker also highlights that Rio Tinto is aiming to acquire the remainder of Turquoise Hill, which would almost double its ownership of the massive Oyu Tolgoi project. Goldman believes the project will be long life, low cost, and offers significant expansion potential. The Rio Tinto share price is trading at $95.57 this afternoon.
