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:
Allkem Ltd (ASX: AKE)
According to a note out of Macquarie, its analysts have retained their outperform rating on this lithium miner's shares with an improved price target of $19.20. This follows news that Allkem has materially increased the mineral resource of the James Bay project in Canada. In addition, the broker highlights that drilling will continue and there's good potential for further increases. The Allkem share price is trading at $14.02 on Monday.
Baby Bunting Group Ltd (ASX: BBN)
A note out of Morgans reveals that its analysts have upgraded this baby products retailer's shares to an add rating with an improved price target of $2.50. In response to the company's FY 2023 results, Morgans has increased its earnings estimates for Baby Bunting. This is being underpinned by cost reductions and a better-than-expected sales outlook. The Baby Bunting share price is fetching $2.28 this afternoon.
REA Group Ltd (ASX: REA)
Analysts at Goldman Sachs have retained their conviction buy rating on this property listings company's shares with a trimmed $175 price target. Goldman was pleased with REA's full-year results and believes it is well-positioned for FY 2024. And while it has revised its near-term earnings estimates slightly to reflect higher operating expenses, the broker still expects revenue and EBITDA growth of 19% and 21%, respectively, this year. The REA share price is trading at $157.11 today.
