With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
A2 Milk Company Ltd (ASX: A2M)
According to a note out of UBS, its analysts have retained their buy rating and NZ$8.90 (A$8.06) price target on this infant formula company's shares. UBS believes that the market is too negative on the company's margin outlook and suspects that A2 Milk will achieve margins notably higher than consensus estimates in the coming years. The A2 Milk share price is trading at $5.11 on Tuesday.
Lovisa Holdings Ltd (ASX: LOV)
A note out of Morgans reveals that its analysts have retained their add rating on this fashion jewellery retailer's shares with a trimmed price target of $26.00. While the broker has been reducing its earnings estimates for retailers due to cost of living pressures, it remains positive on Lovisa. Particularly given its belief that Lovisa is likely to be less impacted from a consumer downturn due to its resilient customer base and strong market position. The Lovisa share price is fetching $18.92 this afternoon.
PWR Holdings Ltd (ASX: PWH)
Analysts at Bell Potter have upgraded this automotive cooling solutions company's shares to a buy rating with a $10.50 price target. The broker believes that PWR's earnings growth will accelerate in FY 2024 after a reasonably subdued 12 months. Especially given the potential to covert its strong pipeline into multi-year contracts. The broker is forecasting earnings per share growth of 20% in FY 2024 and 17% in FY 2025. The PWR share price is trading at $8.74 today.
