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:
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GUD Holdings Limited (ASX: GUD)
According to a note out of Morgans, its analysts have initiated coverage on this auto products company's shares with an add rating and $14.25 price target. The broker likes the company due to its exposure to the auto parts sector. It highlights that the company has a resilient earnings base on non-discretionary products that are benefiting from structural tailwinds. Morgans also sees opportunities for GUD to accelerate its growth through M&A. The GUD share price ended the week at $11.80.
Lovisa Holdings Ltd (ASX: LOV)
Another note out of Morgans reveals that its analysts have retained their add rating and $27.50 price target on this fashion jewellery retailer's shares. This follows a review of the retail sector following a flurry of annual general meetings. Morgans came away from the meetings feeling very positive on Lovisa and has named it as one of its top picks in the sector. The Lovisa share price was trading at $22.99 on Friday.
Lynas Rare Earths Ltd (ASX: LYC)
Analysts at Goldman Sachs have retained their conviction buy rating and $7.50 price target on this rare earths producer's shares. The broker points out that the global neodymium (Nd) and praseodymium (Pr) market is dominated by China, which makes Lynas an important alternative source of NdPr. In light of this, it believes investors should look through FY 2024 considering it is a transitional year and focus on its positive long-term outlook. The Lynas share price was fetching $6.65 at Friday's close.
