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:
Liontown Resources Ltd (ASX: LTR)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating on this lithium developer's shares with a trimmed price target of $2.81. This follows the release of an update which revealed that the Kathleen Valley project's capital cost will be now be $895 million instead of $545 million previously. While somewhat disappointed, the broker expects some of this to be offset by the scaling up of its plant and its direct shipping ore opportunity. The Liontown share price is trading at $1.45 this afternoon.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Morgans reveals that its analysts have retained their add rating on this lithium miner's shares with an improved price target of $5.40. This follows the release of a quarterly update which revealed record production that was well ahead of the broker's expectations. Morgans has also lifted its medium-term lithium price assumptions on the belief that tight conditions will continue due to a trend of project slippage from other lithium producers. The Pilbara Minerals share price is fetching $4.82 on Monday.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and $92.40 price target on this cloud accounting platform provider's shares. The broker has been looking at bankruptcy data. While they are up materially, it doesn't appear too concerned as the numbers are lower than its customer churn assumptions. It also highlights that Xero's churn rates usually trend below system levels. The Xero share price is trading at $73.88 at the time of writing.
