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:
Nufarm Ltd (ASX: NUF)
According to a note out of Citi, its analysts have retained their buy rating and $6.90 price target on this agricultural chemicals company's shares. This follows an update from the U.S. Department of Agriculture (USDA) Chief Economist Seth Meyer on the outlook for U.S. agriculture. Citi notes that the USDA expects a 3% increase in corn, wheat, and soybeans acreage to 228 million acres in 2023. It feels this bodes well for Nufarm. The Nufarm share price is trading at $5.70 this afternoon.
Rio Tinto Ltd (ASX: RIO)
A note out of Goldman Sachs reveals that its analysts have put a conviction buy rating and improved price target of $140.40 on this mining giant's shares. Goldman is bullish due to Rio Tinto's iron ore production growth outlook and its potential free cash flow per tonne improvements. Combined with its compelling relative valuation versus peers, the broker feels the miner is a strong buy. The Rio Tinto share price is fetching $125.02 today.
Sonic Healthcare Limited (ASX: SHL)
Another note out of Citi reveals that its analysts have upgraded this healthcare company's shares to a buy rating with an improved price target of $36.00. Citi sees value in Sonic Healthcare's shares at the current level and highlights its strong balance sheet. With its net debt to EBITDA at 0.5x, this is well below its long-term average of 2.5x. Citi feels this gives Sonic plenty of capital to deploy on acquisitions/new contracts or share buybacks. The Sonic Healthcare share price is trading at $33.29 today.
