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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Leo Lithium Ltd (ASX: LLL)
According to a note out of Macquarie, its analysts have retained their outperform rating and $1.60 price target on this lithium developer's shares. This follows the news that the company is expecting to generate its first DSO revenue from Goulamina in the fourth quarter of 2023. The broker was pleased with the update and expects its shares to rerate higher once its stage one development completes. The Leo Lithium share price is trading at $1.11 today.
Rio Tinto Ltd (ASX: RIO)
A note out of Citi reveals that its analysts have retained their buy rating and $123.00 price target on this mining giant's shares. Ahead of its Oyu Tolgoi site visit, the broker has been reviewing other large-scale copper projects. It feels that for similar projects to be developed in the future, they will require a materially higher copper price. This could bode well for supply and demand dynamics and future copper prices. The Rio Tinto share price is fetching $115.61 on Monday.
Transurban Group (ASX: TCL)
Analysts at UBS have retained their buy rating and $15.45 price target on this toll road operator's shares. This follows news that the ACCC has concerns over its proposed acquisition of a majority interest in Horizon Roads. The competition regulator is worried about the impact on competition for future toll road concessions in Victoria. The good news is that UBS doesn't believe the deal will ultimately be blocked by the competition regulator. The Transurban share price is trading at $14.35 this afternoon.
