Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.
Three ASX shares that brokers have named as buys this week are listed below. Here's why their analysts are feeling bullish on them right now:
Coles Group Ltd (ASX: COL)
According to a note out of Morgans, its analysts have retained their add rating on this supermarket giant's shares with an improved price target of $18.95. This follows the release of a third quarter sales update which was ahead of the broker's expectations. Morgans had been expecting supermarket comparable sales growth of 3.5% for the period. However, Coles bettered that with 4.2% growth. And while cost inflation is likely to be a headwind, the broker is optimistic that this will be offset by its cost reduction program. In light of this, Morgans remains very positive and sees a lot of value in its shares. The Coles share price is trading at $16.40 on Wednesday afternoon.
Coronado Global Resources Inc (ASX: CRN)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this coal miner's shares with a trimmed price target of $1.55. This follows the release of a weaker-than-expected first-quarter update. Goldman was disappointed with the update and has downgraded its earnings estimates materially. However, it still sees significant value in its shares at current levels. The broker highlights that it is trading at just 0.65x NAV, which it feels is too cheap. Especially given its expectation for an operational turnaround and improving free cash flow in 2025. The Coronado Global Resources share price is fetching $1.15 today.
Liontown Resources Ltd (ASX: LTR)
Analysts at Bell Potter have retained their speculative buy rating on this lithium developer's shares with a trimmed price target of $1.85. This follows the release of the company's quarterly update this week. Bell Potter has been pleased with the development progress of the Kathleen Valley Lithium Project. It notes that it is on track (and budget) to commence production in the middle of the year. In addition, it was pleased to see management reiterating that the recently announced $550 million debt package will see the project into production, ramp-up, and positive cash flow. Outside this, the broker highlights that Kathleen Valley remains highly strategic in terms of its stage of development, long mine life, and location. The Liontown Resources share price is trading at $1.22 this afternoon.
