If you have $1,000 burning a hole in your pocket, then it could be worth putting it to work in the share market.
But which ASX shares could be a good destination for these funds? Let's take a look at three shares to buy according to analysts:
Nextdc Ltd (ASX: NXT)
The first ASX share to buy according to analysts is data centre operator NextDC.
Goldman Sachs is a big fan of the company and believes it is well-placed to deliver strong long-term earnings growth thanks to the increasing demand for data centre capacity.
It has a buy rating and $18.80 price target on the company's shares. The broker said:
We believe the company has a compelling growth profile and a proven and profitable business model, noting it trades on a growth-adjusted discount vs. peers, which we view as unjustified.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Morgans think that Pilbara Minerals would be a great option for investors looking for exposure to the lithium industry.
The broker currently has an add rating and $4.30 price target on the lithium miner's shares. It said:
We view PLS as a fundamentally strong and globally significant hard-rock lithium miner. The company has successfully executed on ramping up the expansion of Pilgangoora, while progressing plans to expand output (P680 and P1000). Supported by a strong balance sheet, with net cash at ~A$2.1bn at the end of December, PLS' expansion plans remain uniquely undeterred by the significant weakness in lithium prices. For PLS, the best form of defence against lithium prices is to stay on the attack, with its medium-term plans to continue expanding its production aimed primarily at building greater economies of scale and a more defensive margin.
Regis Resources Ltd (ASX: RRL)
If you would prefer to invest in the booming gold sector, then Regis Resources could be the ASX share to buy with your $1,000. Bell Potter is feeling very positive about the gold miner due to its all-Australian asset base and takeover appeal.
It has a buy rating and $2.60 price target on the company's shares. The broker explains:
As one of the largest ASX listed gold producers, we are attracted to its allAustralian asset portfolio and organic growth options which are unique at this scale. Furthermore, we see key opportunities in the fundamental, medium-term outlook and, in our view, these may also make RRL an appealing corporate target in the current conducive M&A environment.
