With the ASX 200 index falling 5.5% over the last 12 months, it's fair to say that 2022 was a difficult year for investors. The good news is that this has left many ASX shares trading at very attractive levels in 2023.
Ahead of the market reopening on Tuesday, I thought I would look at which ASX shares are being tipped as buys for the year ahead.
Listed below are 23 ASX shares that have been named as buys by brokers for 2023:
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Accent Group Ltd (ASX: AX1)
Goldman Sachs has a buy rating and $2.20 price target on this footwear and fashion retailer's shares. It likes the company due to its exposure to younger consumers.
Adairs Ltd (ASX: ADH)
This furniture and homewares retailer could be an ASX share to buy according to Goldman Sachs. The broker believes its business model is more resilient than the market appreciates. The broker has a buy rating and $2.85 price target on its shares.
Allkem Ltd (ASX: AKE)
Goldman Sachs is also a fan of this lithium miner and has a buy rating and $15.20 price target on its shares. It points out that Allkem has the "strongest 5-yr lithium production growth [and trades] at a discount to peers."
Arafura Rare Earths Ltd (ASX: ARU)
Bell Potter has a speculative buy rating and 64 cents price target on this rare earths developer's shares. It notes that the company's Nolans project is "anticipated to feed potentially 8% of global supply directly into the permanent magnet market servicing expansion of electric vehicles and wind turbines."
Aristocrat Leisure Limited (ASX: ALL)
Citi has a buy rating and $41.20 price target on this gaming technology company's shares. Its analysts see the "land-based business as well positioned and remain optimistic on the RMG opportunity."
BHP Group Ltd (ASX: BHP)
Macquarie is positive on this mining giant and has an outperform rating and $50.00 price target on its shares. The broker expects the Big Australian to benefit greatly from favourable commodity prices.
CSL Limited (ASX: CSL)
Another ASX share to consider is CSL. Analysts at Citi have a buy rating and $340.00 price target on the biotherapeutics giant's shares. It is forecasting earnings per share growth greater than 20% in both FY 2023 and FY 2024.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Morgans has an add rating and $90.00 price target on this pizza chain operator's shares. The broker believes that "now is the best time to consider an investment in a quality business like DMP that is facing headwinds that will reverse in time."
Goodman Group (ASX: GMG)
Citi has a buy rating and $23.50 price target on this industrial property company's shares. "[We] continue to favour industrial exposure, and remain attracted to GMG's best-in-class balance sheet. We continue to see potential for upside to guidance."
IDP Education Ltd (ASX: IEL)
The team at Morgan Stanley has an overweight rating and $36.80 price target on this language testing and student placement company's shares. It believes China's reopening from COVID-19 could be a big boost to its business.
Life360 Inc (ASX: 360)
Analysts at Bell Potter are bullish on this location technology company and have a buy rating and $9.00 price target on its shares. It expects that "recent price rises in the core business [are] likely to drive strong top line growth" in FY 2023.
Mineral Resources Ltd (ASX: MIN)
Morgans has an add rating and $94.00 price target on this mining and mining services company's shares. It is a fan due to its transformation "from being primarily leveraged to high-cost/short-life iron ore operations to low-cost/long-life iron ore and lithium assets."
National Australia Bank Ltd (ASX: NAB)
Analysts at Goldman Sachs are positive on this big four bank. The broker has a buy rating and $35.41 price target on its shares. Goldman's analysts "see volume momentum over the next 12 months as favouring commercial volumes over housing volumes and NAB provides the best exposure to this thematic."
Newcrest Mining Ltd (ASX: NCM)
Morgan Stanley is bullish on this gold miner and has an overweight rating and $23.40 price target on its shares. It feels the current environment is positive for the gold price.
Novonix Ltd (ASX: NVX)
Morgans has a speculative buy rating and $3.11 price target on this battery technology company's shares. It notes that "NVX offers ASX investors an opportunity to get direct exposure to the North American battery market."
Nufarm Ltd (ASX: NUF)
Bell Potter is positive on this ASX share. It currently has a buy rating and $7.50 price target on the agricultural chemicals company's shares. It expects a strong result in FY 2023 thanks to "crop protection demand in the US and Europe and a growing contribution from new revenue streams in Omega-3."
Pilbara Minerals Ltd (ASX: PLS)
Morgans currently has an add rating and $4.70 price target on this lithium miner's shares. It believes recent share price weakness has created a buying opportunity.
Qantas Airways Limited (ASX: QAN)
This airline operator could be a buy according to Goldman Sachs. Its analysts have a conviction buy rating and $8.20 price target on its shares. The broker said: "Against the backdrop of substantially improved earnings capacity, we believe the stock is not even priced for a generic recovery."
Telstra Group Ltd (ASX: TLS)
Morgan Stanley has an overweight rating and $4.75 price target on this telco giant's shares. It believes the potential offloading of infrastructure assets could unlock value for shareholders.
Webjet Limited (ASX: WEB)
Analysts at Morgans are positive on this online travel agent and have an add rating and $7.20 price target on its shares. It feels that "WEB hasn't wasted a crisis and will come out of COVID with a materially lower cost base, consolidated systems and a large business in the US."
Westpac Banking Corp (ASX: WBC)
Goldman Sachs is very bullish on Australia's oldest bank. It has a conviction buy rating and $27.60 price target on its shares. The broker believes "double digit total shareholder returns remains achievable over the next three years."
Whitehaven Coal Ltd (ASX: WHC)
Strong coal prices make this an ASX share to buy according to Macquarie. It has an outperform rating and $12.50 price target on coal miner's shares.
Xero Limited (ASX: XRO)
Finally, Citi sees a lot of value in this cloud accounting platform provider's shares and has a buy rating and $97.90 price target on them. It expects "digitisation to be a bigger driver than macro for online accounting."
