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:
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Data#3 Limited (ASX: DTL)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and $8.95 price target on this information technology solutions provider's shares. This follows the release of a trading update which revealed that Data#3 expects to deliver first half profit before tax at the top end of its guidance range. Goldman notes that this is ahead of its estimate and implies year over year growth of at least 24%. Outside this, Goldman is positive on its outlook thanks to government and enterprise IT spending and its position as an expert in cloud migrations, software, and cybersecurity. The Data#3 share price is trading at $7.30 on Wednesday.
JB Hi-Fi Limited (ASX: JBH)
A note out of Citi reveals that its analysts have retained their buy rating and lifted their price target on this retail giant's shares to $55.00. This follows a half year trading update that was well ahead of Citi and consensus estimates. Combined with the update from Super Retail Group Ltd (ASX: SUL), the broker believes consumer health is better than the market's thinking heading into the second half. The JB Hi-Fi share price is fetching $47.95 this afternoon.
Rio Tinto Ltd (ASX: RIO)
Another note out of Goldman Sachs reveals that its analysts have retained their buy rating and lifted their price target on this mining giant's shares to $134.40. This follows the release of the company's latest quarterly update. Goldman was pleased with Rio Tinto's record iron ore production in the quarter and its guidance for an 8% increase in FY 2023. The Rio Tinto share price is trading at $121.78 at the time of writing.
