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:
Accent Group Ltd (ASX: AX1)
According to a note out of Morgans, its analysts have upgraded this footwear retailer's shares to an add rating with an improved price target of $2.40. This follows the release of an excellent FY 2023 result which revealed stronger than expected earnings growth. This was underpinned by strong sales and better-than-expected cost management. In light of this strong performance, the broker has upgraded its earnings estimates for the coming years. The Accent share price is trading at $2.14 on Monday.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Macquarie reveals that its analysts have retained their outperform rating but cut their price target on this lithium miner's shares slightly to $7.30. Macquarie was pleased with the company's performance in FY 2023 and highlights the strong free cash flow it is generating. It also sees scope for further capital returns in the form of special dividends or buybacks in the near future. The Pilbara Minerals share price is fetching $4.44 today.
Wesfarmers Ltd (ASX: WES)
Another note out of Macquarie reveals that its analysts have upgraded this conglomerate's shares to an outperform rating with an improved price target of $54. Macquarie was impressed with the quality of the company's FY 2023 results, particularly the performance of its Bunnings and Kmart businesses. And with Wesfarmers starting FY 2024 in a positive fashion, the broker appears confident about its prospects for the year ahead. The Wesfarmers share price is trading at $51.78 this afternoon.
