With so 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:
Aristocrat Leisure Limited (ASX: ALL)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $43.00 price target on this gaming technology company's shares. Morgan Stanley has been looking at industry data and believes that the company's Pixel United business is performing ahead of expectations. The Aristocrat share price is trading at $36.28
Insurance Australia Group Ltd (ASX: IAG)
A note out of Citi reveals that its analysts have retained their buy rating but cut their price target on this insurance giant's shares to $5.30. This follows the release of a first half update which fell short of Citi's expectations. While disappointed with the update, the broker believes underlying margin trends are positive, particularly given price rises and easing inflation. As a result, it believes the company's shares are attractive following recent weakness. The IAG share price is fetching $4.59 this afternoon.
Liontown Resources Ltd (ASX: LTR)
Analysts at Macquarie have retained their outperform rating and $2.60 price target on this lithium developer's shares. This follows news that open pit mining has started at the Kathleen Valley lithium project. And while Macquarie continues to expect production to commence in the middle of next year, it sees revenue-generating opportunities from direct shipping ore (DSO) before then. The broker also notes that this DSO is not included in its estimates, so poses upside risk to them and its valuation. The Liontown share price is trading at $1.49 on Monday.
