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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Accent Group Ltd (ASX: AX1)
According to a note out of Goldman Sachs, its analysts have retained their buy rating on this footwear focused retailer's shares with an improved price target of $3.10. The broker believes that the market is underestimating the company's full earnings potential. It highlights that this comprises an attractive distribution business, a set of vertically owned brands, and a portfolio of strong retail banners. Importantly, it continues to believe Accent is well protected from a potential slowdown in discretionary spend given its exposure to a younger consumer and performance footwear. The Accent share price is trading at $2.34 this afternoon.
Allkem Ltd (ASX: AKE)
A note out of Morgans reveals that its analysts have retained their add rating on this lithium miner's shares with a slightly trimmed price target of $15.10. The broker believes that Allkem could be an attractive takeover target in the lithium industry. This is due to its cheap valuation and significant lithium resource. The Allkem share price is fetching $11.96 today.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Citi have retained their buy rating on this lithium miner's shares with a modestly reduced price target of $4.60. This follows news that the company's board has approved the expansion of its spodumene production to 1 million tonnes per annum. And while the costs are more than it was expecting, it isn't overly surprised in the current inflationary environment. The Pilbara Minerals share price is trading at $3.98 this afternoon.
