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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Carsales.Com Ltd (ASX: CAR)
According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this auto listings company's shares to $25.10. This follows news that the company is increasing its stake in Brazil's WebMotors to 70%. Macquarie appears pleased with the plan given how large the Brazilian market is. The Carsales share price last traded at $22.64.
Treasury Wine Estates Ltd (ASX: TWE)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $14.70 price target on this wine giant's shares. This follows the company's FY 2023 strategy day in the Napa valley this week. Goldman believes that Treasury Wine is highly energised to generate growth in an otherwise challenged industry. It highlights that the company has its eyes on younger consumers, noting that the earlier they are recruited, the more loyal they become. The Treasury Wine share price is fetching $13.00 today.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and lifted their price target on this cloud accounting platform provider's shares to $105.70. This follows news that Xero is undertaking a major cost cutting program that will reduce its workforce by upwards of 16%. Citi appears pleased with the news and is expecting this to underpin very strong earnings growth over the coming years. The Xero share price is trading at $86.26 this afternoon.
