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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Coles Group Ltd (ASX: COL)
According to a note out of Citi, its analysts have retained their buy rating on this supermarket giant's shares with an improved price target of $19.00. Citi was happy with the company's performance during the first half. Pleasingly, it believes it has more levers to pull to improve profitability and is forecasting earnings growth comfortably ahead of expectations in FY 2025. The Coles share price ended the week at $17.08.
Pro Medicus Limited (ASX: PME)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $120.00 price target on this health imaging technology company's shares. Macquarie believes that recent share price weakness has created an opening for investors. Particularly given how its shares are now trading on multiples that are largely in line with five-year averages. The Pro Medicus share price was fetching $103.39 at Friday's close.
Xero Ltd (ASX: XRO)
Analysts at Goldman Sachs have retained their buy rating on this cloud accounting platform provider's shares with an increased price target of $152.00. According to the note, Goldman left Xero's investor day event feeling very bullish on its outlook. It notes that Xero is increasingly positive on its financial outlook and has upgraded its use of the Rule of 40. It has gone from a calling the rule a useful measure to a formal aspiration. The Xero share price ended the week at $134.93.
