It was another busy week for Australia's top brokers. This led to the release of a large number of broker notes.
Three ASX 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:
CSL Limited (ASX: CSL)
According to a note out of Goldman Sachs, its analysts have upgraded this biotherapeutics company's shares to a buy rating with a $309 price target. Goldman believes CSL is entering a period of more capital-efficient growth, driving a sharp improvement in its ROIC forecast. But it gets better. It notes that this positive inflection also coincides with a period of historically high earnings growth. It is forecasting a 14% earnings CAGR between FY23 and FY27. The CSL share price was fetching $258.61 on Friday.
REA Group Ltd (ASX: REA)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $200 price target on this property listings company's shares. The broker was pleased with REA's first-quarter update last week. The highlights for the broker were REA's good cost control and strong ad yields. It expects more of the same in the coming quarters. The REA share price ended the week at $158.41.
Telstra Group Ltd (ASX: TLS)
Analysts at Macquarie have retained their outperform rating on this telco giant's shares with an improved price target of $4.34. The broker was pleased to see that the company has reaffirmed its guidance for FY 2024 at its annual general meeting. In addition, Macquarie has boosted its long-term growth rate assumption to reflect higher mobile plan prices. The Telstra share price was fetching $3.84 at Friday's close.
