It was another busy week for Australia's top brokers. This led to the release of a large number of broker notes.
Three ASX 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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Beach Energy Ltd (ASX: BPT)
According to a note out of Bell Potter, its analysts have retained their buy rating on this energy producer's shares with a trimmed price target of $2.05. Although the broker was disappointed with delays to Waitsia Stage 2, which it sees as a key component to the company's near-term production growth, it remains positive. This is due to Beach Energy's positive outlook thanks to its fully funded production growth plans and its rolling-off peak capex. The broker also has a positive view on the Australian east coast gas and LNG markets. The Beach Energy share price ended the week at $1.37.
Technology One Ltd (ASX: TNE)
Another note out of Bell Potter reveals that its analysts have upgraded this enterprise technology company's shares to a buy rating with an improved price target of $17.00. Bell Potter believes Technology One is well-placed to deliver a strong half-year result next week and expects more of the same in the coming years. In fact, the broker suspects that the company is growing quicker than expected and may achieve its medium term guidance a year earlier than planned. The Technology One share price was fetching $15.25 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 pleased with Xero's performance in FY 2023 and believes that there will be more strong growth in FY 2024. In addition, the broker feels that Xero's expense ratio target of 75% next year is achievable based on its second half performance. The Xero share price was trading at $108.00 on Friday.
