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:
Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Goldman Sachs, its analysts have retained their buy rating and $20.50 price target on this corporate travel specialist's shares. This follows the release of a solid first-quarter update, which the broker believes leaves it well-placed to achieve FY 2024 consensus estimates across revenue and underlying EBITDA. The Corporate Travel Management share price is trading at $16.42 today.
Nick Scali Limited (ASX: NCK)
A note out of Macquarie reveals that its analysts have upgraded this furniture retailer's shares to an outperform rating with a $12.60 price target. This follows the release of the company's annual general meeting update, which revealed that it expects to report a net profit after tax of $40 million to $42 million for the first half. While this is down sharply from last year, it was well ahead of Macquarie's expectations. The broker was also pleased with the progress management is making with its store conversions. The Nick Scali share price is fetching $10.69 this afternoon.
Santos Ltd (ASX: STO)
Analysts at Citi have retained their buy rating and $9 price target on this energy producer's shares. This follows the release of the company's quarterly update. While it missed consensus estimates, it was ahead of what Citi was forecasting due to a better-than-expected performance from the Hides field. Overall, the broker believes Santos' shares are good value and feels that Barossa risks are fully priced in. The Santos share price is trading at $8.02 on Friday.
