Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Carsales.Com Ltd (ASX: CAR)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating on this auto listings company's shares with an improved price target of $27.00. Morgan Stanley was pleased with the company's decision to increase its stake in Brazil's Webmotors. Particularly given the strength of the global car market in tough times. The Carsales share price is trading at $21.95 this afternoon.
Life360 Inc (ASX: 360)
A note out of Goldman Sachs reveals that its analysts have reiterated their buy rating and $7.90 price target on this location technology company's shares. Goldman believes that Life360's shares are materially undervalued given its resilient business model and strong growth outlook. Its analysts continue to believe that an inflection point is coming, with Life360 expecting to be profitable this year. The Life360 share price is fetching $5.20 on Wednesday.
New Hope Corporation Limited (ASX: NHC)
Analysts at Morgans have retained their add rating on this coal miner's shares with a trimmed price target of $6.65. While the broker acknowledges that New Hope's interim dividend could disappoint next month, it believes this is due to coal miners conserving cash for potential M&A activity. Nevertheless, it still expects a full-year dividend of $1.10 per share, which represents a massive 19% yield for investors. The New Hope share price is trading at $5.33 today.
