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:
A2 Milk Company Ltd (ASX: A2M)
According to a note out of Citi, its analysts have upgraded this infant formula company's shares to a buy rating with an improved price target of $4.81. This follows an update at A2 Milk's annual general meeting, which revealed an unexpected reiteration of its FY 2024 earnings guidance. Citi believes the reasonably positive commentary suggests that the second-half earnings skew may not be as significant as previously thought. Outside this, the broker highlights that the company's shares trade at a sizeable discount to historical multiples. The A2 Milk share price is trading at $4.01 today.
Altium Limited (ASX: ALU)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $50.00 price target on this electronic design software company's shares. The broker was pleased to see Altium reaffirm its FY 2024 and medium-term guidance at its investor day event. The former is for earnings growth of over 35%. The Altium share price is fetching $44.47 on Friday.
Flight Centre Travel Group Ltd (ASX: FLT)
Analysts at Macquarie have retained their outperform rating on this travel agent's shares with a trimmed price target of $22.15. This follows the release of the company's earnings guidance for FY 2024. Macquarie was pleased with the company's update and remains positive on the future and is forecasting solid earnings growth in the near term. The Flight Centre share price is trading at $19.12 this afternoon.
