Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

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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:

ANZ Group Holdings Ltd (ASX: ANZ)

According to a note out of Goldman Sachs, its analysts have retained their buy rating and $26.66 price target on this banking giant's shares. Goldman believes that ANZ's FY 2023 result provided further evidence of the improving profitability of its institutional business. It notes that ANZ's Transaction Banking profits have reached an all-time high with an improved ROE. The broker also sees further upside risk to ANZ returns from mix shifts in its Institutional division. The ANZ share price is trading at $24.39 today.

Lovisa Holdings Ltd (ASX: LOV)

A note out of Bell Potter reveals that its analysts have retained their buy rating on this fashion jewellery retailer's shares with a reduced price target of $25. The broker has reduced its valuation to reflect the de-rating of its domestic peer group. Nevertheless, it maintains its buy rating as it remains constructive on the company's ability to execute on a large and under-penetrated global roll-out opportunity. The Lovisa share price is fetching $18.06 this afternoon.

Pilbara Minerals Ltd (ASX: PLS)

Analysts at Macquarie have retained their outperform rating and $7.10 price target on this lithium miner's shares. This follows the release of the company's annual general meeting update. Macquarie was pleased to hear that the P680 and P1000 expansion projects remain both on time and on budget. The Pilbara Minerals share price is trading at $3.65 on Friday.

Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Lovisa, and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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