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:
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Allkem Ltd (ASX: AKE)
According to a note out of Goldman Sachs, its analysts have retained their buy rating on this lithium miner's shares with a slightly trimmed price target of $15.40. Goldman was pleased with Allkem's first-half result, noting that its EBITDA came in slightly ahead of expectations. Looking ahead, Allkem is Goldman's preferred lithium exposure due to its optionality across the Americas and Australia on the largest lithium resource under its coverage and its discount to peers at 0.85x NAV (versus peer average ~1.1x). The Allkem share price is trading at $11.25 today.
Jumbo Interactive Ltd (ASX: JIN)
A note out of Morgans reveals that its analysts have retained their add rating on this online lottery ticket seller's shares with a lowered price target of $16.50. Although Jumbo's half-year earnings were a touch short of expectations, the broker remains positive on the future due to the shift online. It also sees plenty of value in its shares at the current level. The Jumbo share price is fetching $13.90 this afternoon.
Mineral Resources Ltd (ASX: MIN)
Another note out of Morgans reveals that its analysts have retained their add rating on this mining and mining services company's shares with an improved price target of $102.00. While Mineral Resources' half-year result was short of consensus estimates, it was largely in line with what the broker was forecasting. Outside this, Morgans has upgraded its valuation of Mineral Resources' lithium operations. This has more than offset a downgrade to the valuation of its iron ore operations. The Mineral Resources share price is trading at $79.99 on Monday.
