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:
Aristocrat Leisure Limited (ASX: ALL)
According to a note out of Morgans, its analysts have retained their add rating on this gaming technology company's shares with a slightly trimmed price target of $45.00. Morgans was pleased with the result, noting that its profits came in ahead of expectations despite a soft performance from its digital business. And while it suspects the latter could continue its soft performance for the next 12 months, Morgans remains bullish due to the positive outlook of Aristocrat's land-based operations. The Aristocrat share price is trading at $38.62 today.
Nufarm Ltd (ASX: NUF)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this agricultural chemicals company's shares with an improved price target of $7.35. This follows the release of a half-year result that was ahead of expectations. Looking ahead, the broker believes Nufarm is well-placed to deliver on its medium term revenue goals. This is thanks partly to its opportunity in omega3. The Nufarm share price is fetching $5.80 on Friday.
Xero Limited (ASX: XRO)
Analysts at Goldman Sachs have retained their buy rating on this cloud accounting platform provider's shares with an improved price target of $130.00. Goldman Sachs was impressed with Xero's full-year results and expects more of the same in FY 2024. The broker also believes that Xero's expense ratio target of 75% is achievable based on its second half performance. The Xero share price is trading at $107.24 this afternoon.
