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:
Evolution Mining Ltd (ASX: EVN)
According to a note out of Goldman Sachs, its analysts have initiated coverage on this gold miner's shares with a buy rating and $3.80 price target. The broker believes the gold miner has strong earnings growth potential in the near term. This is expected to be supported by its exposure to copper, which the broker is positive on. The Evolution Mining share price ended the week at $3.22.
Rio Tinto Ltd (ASX: RIO)
A note out of Citi reveals that its analysts have retained their buy rating and $123 price target on this mining giant's shares. The broker has been running the rule over Rio Tinto ahead of a site visit to the Oyu Tolgoi copper operation. Its analysts believe that the site visit will highlight an industry need for higher copper prices. This bodes well for Rio Tinto and its vast copper operations. The Rio Tinto share price was fetching $111.75 at Friday's close.
Telstra Group Ltd (ASX: TLS)
Analysts at UBS have upgraded this telco giant's shares to a buy rating with an improved price target of $4.75. According to the note, the broker has been looking at telco industry data and believes it bodes well for Telstra. UBS highlights that competition remains rational in the mobile market and Telstra is leading the way with its price increases. In addition, UBS points out that industry data appears to show that customer churn is low for Telstra despite the price increases and cost of living crisis. The Telstra share price was trading at $4.26 on Friday.
