It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:
Harvey Norman Holdings Limited (ASX: HVN)
According to a note out of Citi, its analysts have retained their buy rating and $4.70 price target on this retail giant's shares. This follows the release of a trading update which revealed stronger than expected like for like sales growth for the first four months of FY 2022. Overall, the broker believes the company's shares are cheap and feels there is sufficient downside buffer built into expectations. The Harvey Norman share price is trading at $4.31 this afternoon.
New Hope Corporation Limited (ASX: NHC)
A note out of Macquarie reveals that its analysts have retained their outperform rating but trimmed their price target on this coal miner's shares to $6.40. This follows the release of a softer than expected quarterly update earlier this week. While disappointed with the update, the broker continues to see value in the company's shares thanks to strong thermal coal prices. It expects these strong prices to underpin a full year dividend of $1.79 per share. The New Hope share price is fetching $5.34 today.
Rio Tinto Limited (ASX: RIO)
Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this mining giant's shares to $114.70. The broker has been looking at the company's Rhodes Ridge development and likes what it sees. Goldman believes it could be significant for the miner's Pilbara business as it could lift system capacity, utilise spare infrastructure, and help close the FCF/t gap with BHP Group Ltd (ASX: BHP). The Rio Tinto share price is trading at $105.61 on Friday afternoon.
