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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Graincorp Ltd (ASX: GNC)
According to a note out of Bell Potter, its analysts have retained their buy rating and $9.30 price target on this grain exporter's shares. This follows the release of the latest ABARES crop report which highlighted an uplift in the 2023-24 winter and summer crop forecasts. The broker believes this is good news for Graincorp and continues to see its valuation as undemanding at current levels. The Graincorp share price is trading at $7.84 today.
Lovisa Holdings Ltd (ASX: LOV)
A note out of Morgans reveals that its analysts have retained their add rating on this fashion jewellery retailer's shares with an improved price target of $35.00. The broker was pleased with the company's performance during the first half and appears confident the trend will continue. So much so, it has increased its valuation on the belief that it deserves to trade on higher multiples. The Lovisa share price is fetching $30.37 on Wednesday.
Xero Ltd (ASX: XRO)
Analysts at Citi have retained their buy rating on this cloud accounting platform provider's shares with an improved price target of $159.00. This follows the company's inaugural investor day event. While there wasn't a lot of quantitative detail, the broker still came away from the event feeling confident in the company's outlook after management dug deep into its key growth initiatives for the medium term. The Xero share price is trading at $132.43 this afternoon.
