Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Newmont Corporation (ASX: NEM)
According to a note out of Macquarie, its analysts have put an outperform rating and $71 price target on this gold miner's shares. Macquarie likes the mining giant due to its diverse exposure to tier one gold assets and its strong balance sheet. The Newmont share price is trading at $57.23 on Wednesday.
TechnologyOne Ltd (ASX: TNE)
A note out of Goldman Sachs reveals that its analysts have reiterated their buy rating on this enterprise software provider's shares with a trimmed price target of $18.05. This follows the release of the company's FY 2023 results, which were in line with expectations. In addition, the broker was pleased with the successful transitioning of TechnologyOne's customer base to the cloud and its incremental cross-selling. Looking ahead, it believes the company is building the case for sustainable 10% to 15% ARR growth and sees upside to its 115% net revenue retention target. The TechnologyOne share price is fetching $15.76 on Wednesday.
Universal Store Holdings Ltd (ASX: UNI)
Analysts at Bell Potter have retained their buy rating on this youth fashion retailer's shares with an improved price target of $4.80. This follows the release of a trading update at its annual general meeting. While Universal Store's sales are down on a like for like basis, they were still ahead of the broker's expectations. In addition, its margins and store opening guidance were in line. The Universal Store share price is trading at $3.42 today.
