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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Allkem Ltd (ASX: AKE)
According to a note out of Goldman Sachs, its analysts have retained their buy rating on this lithium miner's shares with an improved price target of $17.20. Goldman likes Allkem due to its preference for low-cost producers with growth optionality and vertical integration. It believes this makes it more defensive and best placed for future opportunities. The Allkem share price ended the week at $15.88.
CSL Limited (ASX: CSL)
A note out of Citi reveals that its analysts have retained their buy rating on this biotherapeutics company's shares with a reduced price target of $340.00. While Citi was disappointed with CSL's trading update and has downgraded its estimates to reflect margin pressures in the key CSL Behring business, it still remains positive. Particularly given that its shares are trading at a sizeable discount to their 10-year average PE ratio. The CSL share price was fetching $277.86 at Friday's close.
Lovisa Holdings Ltd (ASX: LOV)
Analysts at Morgans have retained their add rating on this fashion jewellery retailer's shares with a trimmed price target of $26.00. Although the broker is cautious on retailers due to cost of living pressures, it remains positive on Lovisa. This is due to 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 closed the week at $18.81.
