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:
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Allkem Ltd (ASX: AKE)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and lofty $17.20 price target on this lithium miner's shares. Goldman has once again been looking at lithium prices and continues to forecast heavy declines in the coming years. However, it stays positive on Allkem on the belief that its production growth plans will help offset weaker prices. The Allkem share price is trading at $13.04 today.
Capricorn Metals Ltd (ASX: CMM)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this gold miner's shares with a slightly improved price target of $5.20. The broker likes Capricorn Metals because it is a sector-leading gold miner with a solid balance sheet and a management team with an excellent track record of operational delivery. The Capricorn Metals share price is fetching $4.16 on Monday.
Nufarm Ltd (ASX: NUF)
Another note out of Bell Potter reveals that its analysts have retained their buy rating and $7.00 price target on the agricultural chemicals company's shares. The broker notes that reporting season highlighted an inventory unwind in agricultural chemicals markets and strong pricing growth in competing products for Nufarm's Omega-3 product. In light of this, it sees a reasonable earnings rebound in FY 2024 before much stronger growth in FY 2025 and FY 2026. The Nufarm share price is trading at $5.15 this afternoon.
