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:
Allkem Ltd (ASX: AKE)
According to a note out of Bell Potter, its analysts have retained their buy rating on this lithium miner's shares with a trimmed price target of $18.90. While Bell Potter wasn't blown away with Allkem's quarterly update, it remains positive on the miner. This is because it believes the company has strong production and earnings growth potential in an exceptionally strong market for lithium. The Allkem share price is trading at $15.18 today.
Macquarie Group Ltd (ASX: MQG)
A note out of Morgans reveals that its analysts have retained their add rating on this investment bank's shares with a reduced price target of $193.60. While the broker has reduced its earnings estimates to reflect Macquarie's first-quarter update, it remains positive. This is because the broker believes that the bank's medium-term outlook remains strong thanks to its exposure to structural growth markets. The Macquarie share price is fetching $176.11 on Friday.
Mineral Resources Ltd (ASX: MIN)
Another note out of Morgans reveals that its analysts have retained their add rating with a lower price target of $86. The broker notes that consensus estimates for Mineral Resources have been increasingly divided. Its analysts remain on the bull side of the equation and support the company's decision to stay upstream and curtail its downstream plans. The Mineral Resources share price is trading at $71.54 this afternoon.
