Given how 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 that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
Allkem Ltd (ASX: AKE)
According to a note out of Citi, its analysts have retained their buy rating on this lithium miner's shares with an improved price target of $17.80. While Citi feels that lithium prices could have peaked amid slowing EV demand in China, it isn't overly concerned due to contracted prices. Combined with production growth, Citi remains positive on Allkem's outlook. The Allkem share price is trading at $12.30 on Monday.
Chalice Mining Ltd (ASX: CHN)
A note out of Bell Potter reveals that its analysts have retained their speculative buy rating and $11.10 price target on this mineral exploration company's shares. Bell Potter notes that Chalice has delayed its scoping study at the Gonneville deposit. However, it is happy to overlook this delay given how it could result in a stronger study. In fact, Bell Potter sees potential for Chalice to increase its gross-revenue-per-tonne well ahead of current estimates. The Chalice share price is fetching $6.38 this afternoon.
Core Lithium Ltd (ASX: CXO)
Analysts at Macquarie have upgraded this lithium developer's shares to an outperform rating with a $1.30 price target. According to the note, the broker made the move largely on valuation grounds after some significant weakness. In addition, Macquarie believes recent exploration activity has the potential to deliver a big boost to the company's resource base. All in all, the broker believes Core Lithium is well-placed to generate bumper free cash flow in FY 2024 and FY 2025. The Core Lithium share price is trading at $1.09 on Monday afternoon.
