It has been another busy week for Australia's top brokers. This has led to the release of a 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:
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Pro Medicus Limited (ASX: PME)
According to a note out of Macquarie, its analysts have retained their outperform rating and $120.00 price target on this health imaging technology company's shares. Although Pro Medicus fell short of the broker's first-half expectations for both revenue and earnings, it remains positive. Particularly given new contract wins and its healthy sales pipeline. The Pro Medicus share price is trading at $87.83 on Friday.
Telstra Group Ltd (ASX: TLS)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this telco giant's shares with a trimmed price target of $4.55. Goldman felt that Telstra delivered a solid core result during the first half. And while it has reduced its earnings estimates to reflect NAS challenges, it believes the issues are cyclical and retains its bullish view. Importantly, its dividend forecasts remain unchanged and an 18 cents per share dividend is forecast for FY 2024. The Telstra share price is fetching $3.88 today.
Treasury Wine Estates Ltd (ASX: TWE)
Another note out of Goldman Sachs reveals that its analysts have retained their buy rating on this wine giant's shares with an improved price target of $12.60. This follows the release of a half-year result in line with the broker's expectations. Goldman also highlights that a decision on Chinese wine tariffs is expected in March. It thinks this could be a big boost to sales given the strong brand equity of Penfolds among Chinese consumers. The Treasury Wine share price is trading at $11.48 this afternoon.
