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:

Iress Ltd (ASX: IRE)

According to a note out of Macquarie, its analysts have upgraded this financial technology company's shares to an outperform rating with an improved price target of $8.35. Macquarie made the move in response to the company upgrading its FY 2024 earnings guidance. The broker also highlights better-than-expected revenue trends and the company's progress in offsetting inflationary pressures with cost-out initiatives. The Iress share price is trading at $7.30 today.

Megaport Ltd (ASX: MP1)

A note out of Citi reveals that its analysts have retained their buy rating on this network technology company's shares with a trimmed price target of $12.25. The broker has reduced its gross margin and EBITDA forecasts by 2% to 3% in response to a stronger Australian dollar. However, it remains positive and continues to forecast explosive earnings growth through to at least FY 2026. The Megaport share price is fetching $9.61 on Friday.

Woolworths Group Ltd (ASX: WOW)

Analysts at Goldman Sachs have retained their buy rating and $42.40 price target on this retail giant's shares. This follows a review of the retail sector following the Black Friday/Cyber Monday sales events. The broker highlights that it continues to prefer Woolworths due to its quality execution and focus on increasingly targeted pricing/value. The Woolworths share price is trading at $34.59 this afternoon.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Macquarie Group, and Megaport. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Megaport. 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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