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:
Breville Group Ltd (ASX: BRG)
According to a note out of Goldman Sachs, its analysts have reiterated their buy rating and $24.50 price target on this appliance manufacturer's shares. This follows the release of the quarterly results of De Longhi. Breville's rival had a strong quarter and upgraded its full-year earnings guidance. Goldman feels this is further evidence of resilience of coffee category and bodes well for Breville's own performance. The Breville share price is trading at $23.30 today.
Qantas Airways Limited (ASX: QAN)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this airline operator's shares with a reduced price target of $7. Macquarie highlights that travel demand remains resilient despite the tough economic backdrop. In light of this, it believes Qantas is well-positioned to generate strong earnings in the near term. The Qantas share price is fetching $5.26 this afternoon.
Xero Limited (ASX: XRO)
Analysts at Citi have retained their buy rating and $135.50 price target on this cloud accounting platform provider's shares. While the broker was a touch disappointed with Xero's half-year update and notes that it didn't deliver the earnings beat the market was expecting, it believes the share price reaction was overdone. As a result, Citi believes now is the time to snap up shares. The Xero share price is trading at $98.61 on Friday.
