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:
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BHP Group Ltd (ASX: BHP)
According to a note out of Morgans, its analysts have retained their add rating and $51 price target on this mining giant's shares. The broker highlights that a number of large-cap miners have pulled back materially in recent weeks due to weak economic data out of China. In respect to BHP, Morgans believes that this has created a very attractive buying opportunity for investors. Particularly given its positive view on iron ore demand. The BHP share price is trading at $43.64 this afternoon.
Goodman Group (ASX: GMG)
A note out of Citi reveals that its analysts have retained their buy rating on this industrial property company's shares with an improved price target of $24.50. Citi believes that Goodman's earnings growth guidance of 9% in FY 2024 is conservative and expects 11% growth instead. The broker also highlights the company's significant opportunity in data centres, which now make up ~30% of the development book and contribute higher margins. The Goodman share price is fetching $22.25 on Friday.
Telstra Group Ltd (ASX: TLS)
Analysts at Goldman Sachs have retained their buy rating on this telco giant's shares with a trimmed price target of $4.70. Goldman was pleased with Telstra's FY 2023 result and particularly the "stellar" performance of its mobile business. And while its guidance was a little on the light side, the broker remains positive. It believes Telstra's low-risk earnings (and dividend) growth across FY 2022-25 is attractive in the current environment. The Telstra share price is trading at $4.01 today.
