It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:
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Bega Cheese Ltd (ASX: BGA)
According to a note out of Morgans, its analysts have upgraded this diversified food company's shares to an add rating with an improved price target of $4.05. While not overly impressed with its first half performance, it believes Bega Cheese is now through the worst of it. It also rates the company's new management highly and expects them to deliver improved returns over the coming years. The Bega Cheese share price is trading at $3.41 this afternoon.
Macquarie Group Ltd (ASX: MQG)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $231 price target on this investment bank's shares. The broker believes that volatility in European gas prices is a big positive for Macquarie and should boost its commodities earnings. Outside this, the broker appears to believe the market is underestimating the company's earnings potential and sits comfortably ahead of the consensus. The Macquarie share price is fetching $184.77 on Friday.
Suncorp Group Ltd (ASX: SUN)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $14.50 price target on this insurance giant's shares. The broker has been looking through the release of recent industry data and believes it is favourable for Suncorp. In light of this, it remains positive and continues to forecast some big dividend yields in the coming years. The Suncorp share price is trading at $12.73 today.
