Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

| More on:
Broker written in white with a man drawing a yellow underline.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been another busy week for Australia's top brokers. This has led to the release of a number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:

Lynas Rare Earths Ltd (ASX: LYC)

According to a note out of Goldman Sachs, its analysts have retained their buy rating on this rare earths producer's shares with a trimmed price target of $7.95. This follows the release of a stronger-than-expected quarterly result from the miner this week. Goldman highlights that the company's NdPr production of 1.72kt was 23% greater than it was forecasting. This was driven by a faster-than-expected ramp-up at the Lynas Advanced Materials Plant (LAMP) in Malaysia. Overall, the broker continues to believe that its shares are undervalued and remains positive on the long-term outlook of the NdPr market. The Lynas share price is trading at $6.23 on Friday afternoon.

Mineral Resources Ltd (ASX: MIN)

A note out of Bell Potter reveals that its analysts have retained their buy rating on this mining and mining services company's shares with an improved price target of $85.00. The broker made the move after a stronger-than-expected quarterly update. Bell Potter notes that sales volumes were above its forecasts and it was pleased to see that the company has recommenced selling Wodgina spodumene concentrate. It was also encouraged to hear that its spodumene prices improved markedly at the end of the quarter with a 22,000 tonnes shipment sold at US$1,300 per tonne for SC6 equivalent. This compares to the average for the quarter of US$1,030 per tonne for SC6 equivalent. Another positive that Bell Potter points out is that the Onslow Iron Project remains on track to export its first product in June. The Mineral Resources share price is fetching $68.84 today.

ResMed Inc. (ASX: RMD)

Analysts at Citi have retained their buy rating and $34.00 price target on this sleep disorder treatment company's shares. The broker has had quick look through ResMed's quarterly update and was impressed with its performance. It highlights that the company's earnings were approximately 10% higher than estimates thanks to stronger-than-expected revenue growth and gross margins. It also highlights that management continues to believe that weight loss drugs are creating tailwinds for the company and not the opposite. The ResMed share price is trading at $30.95 this afternoon.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Goldman Sachs Group and 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.

More on Broker Notes

A cool young man walking in a laneway holding a takeaway coffee in one hand and his phone in the other reacts with surprise as he reads the latest news on his mobile phone
Broker Notes

Morgans says these ASX stocks can rise 20% (and pay big dividends!)

The broker believes some very big returns could be on the cards over the next 12 months.

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

happy investor, share price rise, increase, up
Broker Notes

These ASX 200 shares could rise 15% to 50%

Analysts think these shares can rise strongly from where they trade today.

Read more »

a man peers through a broken brick wall to see grey clouds gathering beyond it
Share Market News

Why this smashed ASX 200 share is a fundie's top value pick

It's an ASX consumer discretionary stock that has lost 40% of its value over the past year.

Read more »

Happy man working on his laptop.
Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A woman sits at her computer with her chin resting on her hand as she contemplates her next potential investment.
Resources Shares

Up 51% from their 52-week low, is it too late to buy Mineral Resources shares?

Mineral Resources has been on a tear since mid-January. Do these top brokers think it's too late to buy?

Read more »

A laughing woman pushes her friend, who has her arms outstretched, in a supermarket trolley.
Retail Shares

Goldman says these 6 ASX retail shares are a buying opportunity

The latest retail trading data was historically weak, according to the Australian Bureau of Statistics.

Read more »

Research, collaboration and doctors working digital tablet, analysis and discussion of innovation cancer treatment. Healthcare, teamwork and planning by experts sharing idea and strategy for surgery.
Healthcare Shares

Buy, hold or sell these 3 ASX 200 healthcare shares: Experts

These experts reveal their calls on CSL, Resmed and Sonic Healthcare shares today.

Read more »