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:
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Brambles Ltd (ASX: BXB)
According to a note out of UBS, its analysts have retained their buy rating and $17.30 price target on this logistics solutions company's shares. The broker highlights that Brambles has been having a reasonably underwhelming year with mixed performances being seen across regions. However, UBS is expecting things to pick up in the final quarter of FY 2024, which it believes could support a re-rating of Brambles' shares to higher multiples. So, with its shares trading at a deep discount to industrials peers, the broker thinks that now is an opportune time for investors to snap them up. The Brambles share price is trading at $14.49 on Monday afternoon.
Coles Group Ltd (ASX: COL)
A note out of Citi reveals that its analysts have retained their buy rating and $19.00 price target on this supermarket giant's shares. The broker has been busy making in store visits to get a better idea of how the big two supermarket operators are performing with their respective strategies. The good news for Coles' shareholders is that Citi believes that its pricing strategy is leading the way and will result in stronger sales growth during the fourth quarter of FY 2024. This is based on its belief that Coles' strategy is being executed better and has a stronger value perception. And while the broker likes both supermarket giants at current levels, its preference at this point is Coles. The Coles share price is fetching $16.32 on Monday.
Collins Foods Ltd (ASX: CKF)
Analysts at Morgans have retained their add rating on this quick service restaurant operator's shares with a trimmed price target of $11.50. The broker has been busy looking over recent updates from peers. Unfortunately, these updates demonstrated moderating sales in the Australian market during the first half of 2024. In light of this, the broker has trimmed its earnings estimates ahead of the company's full year results release next month. Nevertheless, Morgans believes that the KFC restaurant operator's shares have been oversold and that this has created a buying opportunity for investors. The Collins Foods share price is trading at $9.48 at the time of writing.
