Last week saw a number of broker notes hitting the wires once again. Three buy ratings that investors might want to be aware of are summarised below.
Here's why brokers think investors ought to buy them next week:
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BHP Group Ltd (ASX: BHP)
According to a note out of Goldman Sachs, its analysts have upgraded this mining giant's shares to a buy rating with a price target of $49.90. While the broker has been busy incorporating the OZ Minerals acquisition into its valuation model, that isn't the reason for the upgrade. Goldman made the move on valuation grounds after a sharp pullback since January. The BHP share price ended the week at $44.05.
Coles Group Ltd (ASX: COL)
A note out of Citi reveals that its analysts have retained their buy rating and $20.20 price target on this supermarket operator's shares. This follows the release of a quarterly update that came in a little better than Citi was expecting. The broker highlights that the company's private label offering has been a key driver of this outperformance and appears to believe the trend can continue given the cost of living crisis. The Coles share price was fetching $18.25 at the end of the week.
Woolworths Group Ltd (ASX: WOW)
Another note out of Citi reveals that its analysts have also retained their buy rating and $42.20 price target on Coles' arch rival. This follows the release of a quarterly update that was well ahead of the broker's estimates. Pleasingly, Citi believes more of the same could be coming in FY 2024. As a result, it feels the market consensus estimate is too low. The Woolworths share price was trading at $39.08 on Friday.
