With so many shares to choose from on the ASX, it can be difficult 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:
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Allkem Ltd (ASX: AKE)
According to a note out of Macquarie, its analysts have retained their outperform rating on this lithium miner's shares with an improved price target of $17.50. This follows the release of an update on the Mt Cattlin project, which revealed an extension to the life of the mine. The Allkem share price is trading at $15.90 on Monday.
Breville Group Ltd (ASX: BRG)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this appliance manufacturer's shares with a trimmed price target of $22.50. Although Goldman has reduced its estimates to reflect a tough consumer environment, it is still expecting average earnings per share growth of 9% per annum through to FY 2025. This is being underpinned by structural growth of premium espresso coffee. The Breville share price is fetching $19.64 this afternoon.
Woolworths Group Ltd (ASX: WOW)
Analysts at UBS have upgraded this retail giant's shares to a buy rating with an improved price target of $43.00. According to the note, the broker believes that trading conditions are very favourable for Woolworths' supermarkets. It also feels the company is well-placed to increase its market share. Combined with productivity initiatives and operating leverage, its is forecasting EBIT margin expansion despite rising labour costs. The Woolworths share price is trading at $39.49 today.
