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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Perpetual Ltd (ASX: PPT)
According to a note out of Bell Potter, its analysts have retained their buy rating on this investment company's shares with a slightly reduced price target of $27.09. Bell Potter was pleased with Perpetual's performance during the first quarter of FY 2024 in the face of market weakness. It was also encouraged with the integration of the Pendal business. The Perpetual share price is trading at $20.83 this afternoon.
Rio Tinto Ltd (ASX: RIO)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this mining giant's shares with a trimmed price target of $126.20. Goldman was pleased with its investor tour of the Pilbara last week. It notes that the visit confirmed that the Pilbara turnaround is underway and medium-term shipments guidance of 340-360Mtpa is achievable. The Rio Tinto share price is fetching $115.20 today.
Tabcorp Holdings Ltd (ASX: TAH)
Analysts at Morgans have retained their add rating on this gambling company's shares with a reduced price target of $1.15. This follows the release of Tabcorp's first-quarter update. Although its analysts were not blown away by the update and have reduced their estimates to reflect this, they still see a lot of value in its shares. Particularly given how they are trading at a decent discount to peers. The Tabcorp share price is trading at 91 cents on Monday.
