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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Clinuvel Pharmaceuticals Limited (ASX: CUV)
According to a note out of Bell Potter, its analysts have initiated coverage on this biopharmaceutical company's shares with a buy rating and $24 price target. The broker believes that Clinuvel is well-positioned for strong growth in the coming years thanks to its Scenesse product for erythropoietic protoporphyria (EPP). And with the company hoping to expand its use to treat other diseases and busy developing new products, Bell Potter is positive on its longer-term outlook. The Clinuvel share price is trading at $14.82 today.
Megaport Ltd (ASX: MP1)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this network services company's shares, albeit with a heavily reduced price target of $14.10. Despite cutting its valuation, Macquarie remains very bullish on Megaport's outlook and expects it to easily achieve its revenue guidance. Particularly after investing in its salesforce and launching a couple of new products. The Megaport share price is fetching $11.29 this afternoon.
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 $5.10. The broker notes that lithium prices have continued to weaken since July/August with spot Chinese prices falling the most. That's despite continued growth in electric vehicle production. While this is disappointing, Morgans remains positive. It points out that Pilbara Minerals has the capability to produce attractive cash flow even at more moderate lithium price levels. The Pilbara Minerals share price is trading at $3.89 on Friday.
