A market analyst has outlined why three ASX shares are a buy in the eyes of the team at Bell Potter.
The Neuren Pharmaceuticals Ltd (ASX: NEU), Gold Road Resources Ltd (ASX: GOR) and Accent Group Ltd (ASX1) share prices could all have an upside, according to analysts.
Let's take a look at these three ASX shares in more detail.
Neuren
Neuren Pharmaceuticals has recently been lifted from hold to speculative buy from the perspective of Bell Potter.
The company is working on drugs that can treat neurological disorders including Rett Syndrome.
Commenting at an ASX investor day in Brisbane, Bell Direct market analyst Grady Wulff said Neuren is trading at all-time highs at the moment but said that "this is only the beginning". She added:
Neuren is now a buy due to Food and Drug Administration (FDA) recently approving Neuren's US partner, Acadia Pharmaceuticals' drug Trofinetide for the treatment of Rett Sydrome in Adults and Children aged 2+.
The Neuren share price has exploded 250% in the last year but is down 0.15% in Tuesday's trade.
Accent Group
ASX share Accent Group is another share that is rated as a buy, the team at Bell Potter believes. NSW Back to School vouchers have provided the company with a massive boost, according to analysts.
The retail company is "running at a strong pace" and has strong exposure to young customers in a "tougher spending environment".
Accent owns more than 800 stores with 34 brands and 35 online platforms. These brands include Vans, The Athlete's Foot and Dr Martens.
Bell Direct's Wulff said although retail spend is "expected to decline, clothing and footwear is rising".
Commenting on Accent, Wulff noted:
Bell Potter estimates the $193m retail spending benefit from NSW Back to School vouchers.
Bell Potter believes fresh stock through seasonal periods in 2H23 and favourable trends emerging in casual/trendy & comfortable footwear have benefited footwear sales in Australia.
Gold Road Resources
ASX gold producer Gold Road Resources may also be in the buy zone, Bell Potter believes.
Gold Road Resources shares have risen nearly 31% in the last year. The company's share price is up nearly 1% on Tuesday.
The company is exploring gold projects in Western Australia, South Australia and Queensland. This includes a 50% stake in the Gruyere gold mine in Western Australia's goldfields region.
Commenting on Gold Road, Bell Direct's Wulff said:
GOR is debt free, unhedged, and generates strong cash flows for growth.
