It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three 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:
Macquarie Group Ltd (ASX: MQG)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $215.00 price target on this investment bank's shares. The broker highlights that Macquarie's Commodities and Global Markets business has become an increasingly important contributor to its earnings. And while it feels that trading conditions have been less favourable in recent months, it is expecting a big improvement later this year. The Macquarie share price is trading at $182.26 on Friday.
Rio Tinto Ltd (ASX: RIO)
A note out of Goldman Sachs reveals that its analysts have retained their conviction buy rating on this mining giant's shares with an improved price target of $129.40. This follows a site visit to the company's Oyu Tolgoi copper operation in Mongolia. Goldman is very positive on Rio Tinto's copper production outlook and expects the metal to account for ~30% of EBITDA by 2026. This is double the current levels. The Rio Tinto share price is fetching $118.40 today.
St Barbara Ltd (ASX: SBM)
Analysts at Macquarie have resumed coverage on this gold miner's shares with an outperform rating and 35 cents price target. This follows the release of a production update which came in ahead of the broker's expectations. Looking ahead, Macquarie is positive on the company's outlook and expects the Simberi operation to be the key driver of this. The St Barbara share price is trading at 28.7 cents this afternoon.
