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:
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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 was pleased with BHP's solid performance in FY 2023. It feels the result demonstrates the Big Australian's ability to defend against broad global cost pressures and further build its competitive advantage. The BHP share price ended the week at $43.02.
Telstra Group Ltd (ASX: TLS)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $4.75 price target on this telco giant's shares. The broker accepts that the market has been disappointed with Telstra's decision to retain its InfraCo business instead of divesting the asset. However, it feels this is a good decision and makes strategic sense. Overall, Morgan Stanley appears to believe that post-result share price weakness is a buying opportunity for investors. The Telstra share price was trading at $4.01 at Friday's close.
Woolworths Group Ltd (ASX: WOW)
Analysts at Goldman Sachs have retained their conviction buy rating on this retail giant's shares with a trimmed $42.00 price target. The broker was pleased with the company's high-quality sales growth, gross margin expansion, and well-managed costs. It also believes that Woolworths' further advanced omni-channel and digital strategy will drive both above-market sales and profit growth relative to peers. The Woolworths share price ended the week at $37.41.
