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:
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ALS Ltd (ASX: ALQ)
According to a note out of Goldman Sachs, its analysts have initiated coverage on this testing services company's shares with a buy rating and $14.60 price target. Goldman feels confident about ALS' outlook. This is due to its belief that the company is positioned to benefit from short-term mining exploration and long-term green metals trends. The ALS share price is trading at $12.57 on Monday.
Karoon Energy Ltd (ASX: KAR)
A note out of Morgans reveals that its analysts have retained their add rating on this energy producer's shares with an improved price target of $3.80. This follows news that the company's second production well at Patola has come online ahead of expectations. Outside this, the broker believes its shares are thoroughly undervalued and that investors should be taking advantage of this to snap them up. The Karoon Energy share price is fetching $2.30 this afternoon.
Lynas Rare Earths Ltd (ASX: LYC)
Analysts at Bell Potter have upgraded this rare earths producer's shares to a buy rating with a trimmed price target of $8.06. Although the broker acknowledges that there are some near term earnings risks to consider, it feels the recent Tesla-induced selloff has been an overreaction. Bell Potter sees multiple long-term growth pathways underpinned by arguably the best rare-earth deposit at Mt Weld. The Lynas share price is trading at $6.55 today.
