It has been a busy week for Australia's top brokers after the holiday period. 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:
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Allkem Ltd (ASX: AKE)
According to a note out of Goldman Sachs, its analysts have reiterated their buy rating and $15.20 price target on this lithium miner's shares. Although the broker continues to expect lithium prices to fall materially in 2024, it remains positive on Allkem. This is due to its production growth plans, which the broker believes will support its earnings in the coming years despite falling prices. Allkem is the broker's top pick in the lithium industry. The Allkem share price is trading at $12.48 this afternoon.
Argosy Minerals Limited (ASX: AGY)
A note out of Macquarie reveals that its analysts have initiated coverage on this lithium developer's shares with an outperform rating and 85 cents price target. The broker highlights that Argosy Minerals' operation in Argentina is due to commence commercial production in the first half of the year, which positions it to be profitable in FY 2023. The broker also sees scope for its production to grow meaningfully in the coming years. The Argosy Minerals share price is fetching 66.7 cents today.
Goodman Group (ASX: GMG)
Analysts at Citi have retained their buy rating but trimmed their price target on this industrial property company's shares to $21.10. According to the note, after a difficult year for REITs in 2022, the broker is cautiously optimistic that 2023 will be better. In light of this, it is positive on Goodman, particularly given its best-in-class balance sheet and potential for upside to its guidance. The Goodman share price is trading at $18.60 on Friday afternoon.
