Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a 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:
ANZ Group Holdings Ltd (ASX: ANZ)
According to a note out of Citi, its analysts have retained their buy rating and $29.25 price target on this banking giant's shares. While the broker is positive on the banking sector, it is particularly positive on ANZ's outlook. So much so, the broker has made the bank its new top pick in the sector. Citi notes that this has been driven by the re-emergence of key structural tailwinds in the key Institutional division. The ANZ share price is fetching $23.89 on Wednesday.
Calix Ltd (ASX: CXL)
A note out of Bell Potter reveals that its analysts have retained their speculative buy rating and $9.00 price target on this environmental technology company's shares. The broker believes 2023 will be another catalyst-rich and important year for Calix. The broker also highlights the company's growing suite of applications which target global challenges, including decarbonisation of hard-to-abate industrial processes. The Calix share price is trading at $4.88 this afternoon.
Pilbara Minerals Ltd (ASX: PLS)
Another note out of Citi reveals that its analysts have upgraded this lithium miner's shares to a buy rating with a $4.70 price target. The broker made the move on valuation grounds after a significant pullback since November. The broker believes this correction is overdone, particularly given its belief that spot spodumene prices may hold at +US$7000 per tonne for longer than the market expects. The Pilbara Minerals share price is fetching $4.01 today.
