Bell Potter names 3 more of the best ASX shares to buy for FY24

Here are three buy-rated shares from very different sides of the market.

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If you're hunting new investments for FY 2024, then it could be worth reading on.

That's because Bell Potter has just named its favoured ASX shares for the period.

The first three ASX shares can be found here. Let's see what else it is recommending:

Arafura Rare Earths Ltd (ASX: ARU)

Investors that are looking for exposure to the mining sector might want to check out this rare earths developer.

Bell Potter rates it very highly and has a speculative buy rating and 72 cents price target on its shares. This suggests that this ASX share could more than double over the next 12 months. It commented:

ARU is a rare earths developer advancing its Nolans project, a complete ore to oxide solution in Australia's Northern Territory. Rare earths, in particular Neodymium (Nd), Praseodymium (Pr), Dysprosium (Dy) and Terbium (Tb), are critical minerals in a de-carbonised economy as they are crucial in the production of permanent magnets for EVs and wind turbines. ARU's Nolans Project is sufficiently advanced, with binding offtake agreements for ~1,900tpa (43% of nameplate capacity). ARU are advancing construction activities ahead of final offtake and funding discussions. We anticipate production from Nolans to begin towards the end of 2025.

Austal Ltd (ASX: ASB)

Another ASX share that the broker is tipping as a buy is shipbuilder Austal. It believes the company is well-placed for the next decade thanks to its significant order book.

The broker has a buy rating and a $3.10 price target on its shares. This implies a potential upside of 31% from current levels. It said:

Naval shipbuilding is experiencing significant tailwinds globally and ASB is positioned to be a prime beneficiary of structural growth in both the Australian and US markets. ASB is set to enter FY24 with a record contract book of ~$11b AUD, with recent contracts such as the OPC (~$4.3b), the T-AGOS (~$4.7b) and the likely award of the EMS (~$1.25b) contract, providing a deep pipeline of work for the next decade.

Lovisa Holdings Ltd (ASX: LOV)

A final ASX share that has been named as a buy by Bell Potter is fashion jewellery retailer Lovisa. Although the retail sector is a difficult place to be right now, the broker feels that Lovisa is better positioned than others thanks to its global expansion and low price point.

It has a buy rating and a $30.50 price target on its shares, which implies a potential upside of 62% for investors. It said:

We view LOV as a key pick in our Retail sector coverage with its ability to execute on the large global roll-out opportunity as a strong player in the fashion jewellery market while remaining relatively better immune to consumer spend pressures given the accessibility of the product from a price point perspective, once comps normalise.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Austal and Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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