If you're looking for some new ASX 300 stocks to buy, then you may want to check out the three listed below that Goldman Sachs has just named as buys.
Here's why the broker is bullish on them:
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Jumbo Interactive Ltd (ASX: JIN)
This online lottery ticket seller could be an ASX 300 share to buy according to Goldman. It has just slapped a buy rating and $16.10 price target on its shares.
Although Goldman wasn't blown away by the company's performance during the third quarter, it was pleased with its plan to increase prices. It is expecting this to fall to the bottom line and boost its earnings. The broker explained:
While the update for FY23 was negative in view of the ongoing weakness in the jackpot games, the proposed portfolio pricing changes are expected to have a positive impact on JIN's earnings outlook.
JIN expects to increase Powerball prices by a further A¢10 and all other games by A¢5 from late May when TLC implements the price increase for Powerball. These price increases are largely likely to fall directly to the bottom line given no major additional costs.
Nine Entertainment Co Holdings Ltd (ASX: NEC)
Another ASX 300 stock that the broker is positive on is media company Nine. Goldman has a buy rating and $2.40 price target on its shares.
Its analysts are positive on Nine due to their belief that the company is well-placed to offset tough trading conditions in the advertising market. It explains:
We are Buy rated on NEC and are positive on the outlook for the company, even with increasing macro uncertainty, seeing NEC to be well placed to offset ad market declines with its high-quality suite of digital assets (incl. Stan, BVOD and Domain), with strong cost performance in prior market downturns, and an attractive valuation entry point given recent share price weakness.
Super Retail Group Ltd (ASX: SUL)
A third ASX 300 stock that Goldman Sachs has just rated as a buy is this diversified retailer. In response to its third-quarter update, the broker has retained its buy rating and lifted its price target to $14.90.
Goldman is positive on Super Retail due largely to its loyalty program, which it feels is a meaningful competitive advantage. It said:
We believe that the company's positive trading update continues to display resilience that is built upon its competitive advantage of high loyalty (~10m active members accounting for >70% of sales) and this will be further bolstered in 2H23 as the company launches the Rebel loyalty program and continues to build personalisation capabilities.
