Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

| More on:
Investor sitting in front of multiple screens watching share prices

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

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:

Lovisa Holdings Ltd (ASX: LOV)

According to a note out of Bell Potter, its analysts have retained their buy rating on this fashion jewellery retailer's shares with an improved price target of $36.00. The broker has been looking at the retail sector and is feeling very bullish on Lovisa's outlook. Particularly after revisiting its store network growth assumptions for new markets after taking into account some recent data points from markets such as Netherlands, Ireland, Canada, and Peru. Bell Potter estimates that Lovisa can grow its store network by 10% per annum between FY 2023 and FY 2034. In addition, it notes that there have been some encouraging trends out of the e-commerce platforms in both Australia and the US compared to its key rival. All in all, this has led to the broker boosting its earnings estimates and valuation accordingly. The Lovisa share price is trading at $31.46 on Wednesday.

Regis Resources Ltd (ASX: RRL)

A note out of Macquarie reveals that its analysts have retained their overweight rating and $2.60 price target on this gold miner's shares. This follows news that the company has approved the development of two new underground projects at Duketon in support of its underground growth strategy. These two underground mines are expected to deliver a steady state annualised gold production target of between 100,000 ounces to 120,000 ounces from FY 2027. Macquarie was pleased with the news and the longer-than-expected mine life they provide. And while it has trimmed its near term earnings slightly, the longer mine life offsets this. As a result, there are no changes to its valuation. The Regis Resources share price is fetching $2.13 this afternoon.

Telstra Group Ltd (ASX: TLS)

Analysts at Goldman Sachs have retained their buy rating and $4.55 price target on this telco giant's shares. The broker has been looking at its earnings estimates for Telstra in response to recent share price weakness and a guidance downgrade from Spark New Zealand Ltd (ASX: SPK). The good news is that Goldman remains confident in its forecast for EBITDA of $8.61 billion in FY 2025. This represents a $351 million increase on Goldman's FY 2024 estimate. In light of this, it feels that recent share price weakness has created a buying opportunity. The Telstra share price is trading at $3.64 today.

Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Lovisa, and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group and Telstra Group. The Motley Fool Australia has recommended Lovisa. 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 female Woolworths customer leans on her shopping trolley as she rests her chin in her hand thinking about what to buy for dinner while also wondering why the Woolworths share price isn't doing as well as Coles recently
Broker Notes

ASX investors may choose supermarkets over Wesfarmers shares after ACCC inquiry: broker

Goldman Sachs says ASX supermarket shares are trading at attractive valuations.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

One ASX stock to buy and one to sell

Goldman Sachs thinks one of these stocks is a buy and one is a sell.

Read more »

A female stockbroker reviews share price performance in her office with the city shown in the background through her windows
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Broker Notes

3 high-quality ASX shares tipped to generate strong returns

Analysts think investors should be checking out these top stocks before it's too late.

Read more »

Man holding a calculator with Australian dollar notes, symbolising dividends.
Broker Notes

Buy this ASX All Ords stock for a 30% gain and 6% dividend yield

Bell Potter thinks investors should be snapping up this dirt cheap stock.

Read more »

A young woman lifts her red glasses with one hand as she takes a closer look at news about interest rates rising and one expert's surprising recommendation as to which ASX shares to buy
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 »

A man clenches his fists in excitement as gold coins fall from the sky.
Broker Notes

These ASX 300 shares could rise 35% to 65%

Analysts are tipping these shares to rise strongly from current levels. How high could they go?

Read more »

a man in a high visibility vest and hard hat holds a thumbs up at a mine site with heavy equipment in the background.
Broker Notes

What are brokers saying about BHP shares following the miner's quarterly results?

Analysts have crunched the numbers.

Read more »