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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Alumina Limited (ASX: AWC)
According to a note out of Goldman Sachs, its analysts have upgraded this alumina producer's shares to a buy rating with a $1.43 price target. This follows news that production will be curtailed at the Kwinana refinery. The broker is supportive of the move and believes it will boost its margins. In addition, the broker feels that its shares have been oversold and that it is undervalued on numerous metrics. The Alumina share price is trading at $1.08 on Wednesday.
Corporate Travel Management Ltd (ASX: CTD)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $29 price target on this corporate travel booker's shares. The broker believes that the company's proprietary technology, acquisitions, and scale have created a competitive advantage over locally listed rivals. This bodes well for its future earnings growth. The Corporate Travel Management share price is fetching $19.91 today.
Rio Tinto Ltd (ASX: RIO)
Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $146 price target on this mining giant's shares. Ahead of the release of Rio Tinto's fourth-quarter update next week, the broker is expecting an in-line performance with no changes to its guidance. In light of this, its main focus will be on pricing and the ramp-up at Kennecott and Oyu Tolgoi. The Rio Tinto share price is trading at $129.65 today.
