Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here's why brokers think investors ought to buy them next week:
Liontown Resources Ltd (ASX: LTR)
According to a note out of Macquarie, its analysts have retained their outperform rating and $2.60 price target on this lithium developer's shares. This follows the commencement of open pit mining at the Kathleen Valley lithium project. And while Macquarie continues to expect production to commence in the middle of 2024, it sees revenue-generating opportunities from direct shipping ore (DSO) before then. This revenue is not included in its estimates, which poses upside risk to them and its valuation. The Liontown share price ended the week at $1.44.
Suncorp Group Ltd (ASX: SUN)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this insurance giant's shares with an improved price target of $14.47. Goldman was pleased with Suncorp's half year results and has increased its underlying margin estimates for FY 2023 to reflect a stronger than expected performance. Goldman suspects that Suncorp could be benefiting from earlier repricing, stronger yields, and better management of claims inflationary pressures. The Suncorp share price was fetching $12.82 at Friday's close.
Transurban Group (ASX: TCL)
Analysts at Citi have reiterated their buy rating on this toll road operator's shares with an increased price target of $16.00. This follows the release of the company's half year results. Citi remains positive on Transurban's future. Particularly given that inflation-linked toll increases come through with a delay. It feels this indicates a strong growth path ahead and expects it to underpin a ~6% per annum dividends per share compound annual growth rate (CAGR) from FY 2023 to FY 2026. The Transurban share price ended the week at $13.97.
