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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Bapcor Ltd (ASX: BAP)
According to a note out of Citi, its analysts have retained their buy rating on this auto part company's shares with an improved price target of $7.96. This follows the release of an update at Bapcor's investor day event. Citi notes that the earnings upside from the Better than Before strategy is expected to >$100 million in FY 2025. This was better than it was expecting. Outside this, the broker continues to expect Bapcor to outperform in an increasingly challenging macro environment. The Bapcor share price is trading at $6.69 today.
Nanosonics Ltd (ASX: NAN)
A note out of Morgans reveals that its analysts have upgraded this infection prevention company's shares to an add rating with a $4.91 price target. Morgans notes that Nanosonics has provided a four-month trading update which showed that revenue was up 42% over the prior corresponding period. The broker notes that this means Nanosonics is tracking ahead of guidance and consensus estimates. In light of this and share price weakness in 2022, the broker sees a lot of value in its shares. The Nanosonics share price is fetching $4.16 on Wednesday.
Temple & Webster Group Ltd (ASX: TPW)
Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this online furniture retailer's shares to $7.60. According to the note, the broker likes Temple & Webster due to its nascent structural growth opportunity that it feels is underappreciated by the market. The broker believes investors should focus on the long term instead of near term revenue headwinds and uncertainty around the housing market. The Temple & Webster share price is trading at $5.05 this afternoon.
