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:
Baby Bunting Group Ltd (ASX: BBN)
According to a note out of Morgans, its analysts have upgraded this baby products retailer's shares to an add rating with an improved price target of $2.50. Following the release of the company's FY 2023 results, Morgans has increased its earnings estimates for Baby Bunting. This is due largely to cost reduction plans and a better-than-expected sales outlook. The Baby Bunting share price ended the week at $2.20.
CSL Limited (ASX: CSL)
A note out of Citi reveals that its analysts have retained their buy rating on this biotherapeutics company's shares with a trimmed price target of $325. Citi was pleased to see the company reaffirm its FY 2024 guidance and positive view on long-term immunoglobulins demand. Overall, the broker believes that the company's shares are undervalued and should be trading on higher multiples in line with their 10-year average. The CSL share price was fetching $270.57 at Friday's close.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Morgans have retained their add rating on this lithium miner's shares with a trimmed price target of $5.80. Morgans notes that there has been a quicker-than-expected decline in lithium prices. However, it isn't concerned. That's because current prices are still at levels that support big profits for Pilbara Minerals. It is for this reason that the broker has a preference for miners rather than developers or explorers right now. The Pilbara Minerals share price ended the week at $4.73.
