Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here's why they are bullish on them:
Domino's Pizza Enterprises Ltd (ASX: DMP)
According to a note out of Morgans, its analysts have retained their add rating on this pizza chain operator's shares with a trimmed price target of $60.00. While Morgans was disappointed with Domino's trading update and has downgraded its earnings estimates accordingly, it believes the company's cost cutting plans are a step the right direction and it is capable of making a comeback. The Domino's share price is trading at $43.16 today.
Rio Tinto Ltd (ASX: RIO)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating and $130.70 price target on this mining giant's shares. Goldman highlights that the global mining sector is trading at a significant discount to historical multiples. This is despite strong balance sheets and free cash flow positions relative to the past few decades. It also highlights the strong long run fundamental outlook for commodities due to undersupply and new demand from decarbonisation. Overall, the broker believes this makes now a great time to invest. The Rio Tinto share price is fetching $116.47 on Wednesday.
Webjet Limited (ASX: WEB)
Analysts at Macquarie have retained their outperform rating on this online travel agent's shares with an improved price target of $8.03. Macquarie believes that travel demand will remain strong despite higher airfares and hotel prices. As a result, the broker sees a lot of value in its shares at the current level. The Webjet share price is trading at $7.15 today.
