Where to invest $8,000 on the ASX in April 2024

A leading broker thinks these shares would be quality options this month.

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If you are lucky enough to have $8,000 burning a hole in your pocket, then it could be worth checking out these ASX shares listed below.

That's because they have all been named as best buys by analysts at Morgans this month. Let's see what its analysts are saying about them:

Pilbara Minerals Ltd (ASX: PLS)

If you're bullish on lithium and believe that the current weakness will not last, then it could be worth considering an investment in lithium giant Pilbara Minerals according to Morgans.

The broker believes the company is a high-quality miner and supports its plan to increase its production through the cycle is the right move. It explains:

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.

Morgans has an add rating and a $4.30 price target on its shares. Based on its current share price of $3.86, this suggests that its shares could rise 11% over the next 12 months.

ResMed Inc. (ASX: RMD)

Another ASX share for investors to look at for a potential $8,000 investment is ResMed.

Morgans is very bullish on the sleep disorder treatment company and believes recent weakness has created a buying opportunity. Particularly given its belief that weight loss wonder drugs are not a threat and ResMed's growth will continue long into the future. The broker commented:

While weight loss drugs have grabbed headlines and investor attention, we see these products having little impact on the large, underserved sleep disorder breathing market, and do not view them as category killers. Although quarters are likely to remain volatile, nothing changes our view that the company remains well placed and uniquely positioned as it builds a patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

Morgans has an add rating and a $32.82 price target on its shares. Based on the latest ResMed share price of $28.74, this implies a potential upside of 14% for investors.

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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