With so many shares to choose from on the Australian share market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
Gold Road Resources Ltd (ASX: GOR)
According to a note out of Goldman Sachs, its analysts have retained their buy rating on this gold miner's shares with a slightly trimmed price target of $1.95. This follows the release of the company's quarterly update. Goldman notes that much of the update was pre-released, so there were not many surprises. And while the wet weather impact has disappointingly led to management guiding to production at the low end of its guidance range and costs at the high end of its guidance range, the broker remains positive. Particularly given its valuation. Goldman highlights that Gold Road's shares are trading at ~0.9x net asset value compared to its peers at 1.3x net asset value. It also has near-term free cash flow yields of 5% to 10% through to FY 2026. The Gold Road share price is trading at $1.61 on Monday.
NextDC Ltd (ASX: NXT)
A note out of Morgans reveals that its analysts have retained their add rating and $19.00 price target on this data centre operator's shares. This follows the completion of the company's institutional entitlement offer which raised $937 million. It believes this leaves NextDC well-positioned for growth over the coming years. Especially as artificial intelligence drives another wave of demand for capacity in data centres. The broker is so positive on the company's outlook that it sees scope for its shares to be trading around the $40 mark at the start of the next decade. For now, the NextDC share price is fetching $15.84 this afternoon.
ResMed Inc. (ASX: RMD)
Another note out of Morgans reveals that its analysts have retained their add rating and $32.82 price target on this sleep disorder treatment company's shares. The broker notes that Eli Lilly & Co (NYSE: LLY) has released positive trial results from its weight loss wonder drug in the treatment of sleep apnoea. However, Morgans doesn't see this as a negative. As well as expecting only a negligible impact on the market, it feels the drugs are likely to support its expansion. As a result, it remains very bullish on the company's outlook. The ResMed share price is trading at $28.00 on Monday.
