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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Accent Group Ltd (ASX: AX1)
According to a note out of Morgan Stanley, its analysts have upgraded this footwear retailer's shares to an overweight rating with an improved price target of $2.45. The broker likes the company due to its belief that it is well-positioned to benefit when challenging macroeconomic conditions ease. This is due to its target demographic being younger consumers, which it notes have been impacted the most during the cost of living crisis. The broker also sees plenty of potential in the store rollouts of some of its newer brands. The Accent share price is trading at $2.05 on Wednesday.
Telstra Group Ltd (ASX: TLS)
A note out of Bell Potter reveals that its analysts have upgraded this telco giant's shares to a buy rating with a $4.25 price target. The broker made the move on valuation grounds following a period of underperformance. It highlights that its shares are looking reasonable value trading on an FY25 PE ratio of <20x. This is lower than the average multiples of other comparable companies. The Telstra share price is fetching $3.77 today.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Morgan Stanley have also retained their overweight rating and $13.75 price target on this wine giant's shares. This follows news that the Chinese government has made an interim draft determination to remove Australian wine import tariffs. The broker believes that the company could be shipping wine to China within two months. Though, the impact on FY 2024's earnings would be minimal due to the timing of the change. The Treasury Wine share price is trading at $12.48 this afternoon.
