Brokers name 3 ASX shares to buy now

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

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It has been another busy week for many of 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 right now:

ARB Corporation Ltd (ASX: ARB)

According to a note out of Ord Minnett, its analysts have retained their buy rating and $44.00 price target on this 4×4 accessories company's shares. The broker has been looking at industry data and was pleased with what it saw. It highlights that new vehicle sales remain strong, particularly in the SUV and 4WD categories. This bodes well for ARB and could be supportive of solid sales growth. In addition, the company's expansion at home and overseas is another positive that is supportive of the broker's buy thesis. The ARB share price is trading at $38.34 on Friday afternoon.

IDP Education Ltd (ASX: IEL)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this language testing and student placement company's shares with a reduced price target of $21.75. This follows the release of a market update which revealed that it is being negatively impacted by a more restrictive policy environment in its key destination countries. While Goldman acknowledges that the trading update was soft, it believes it should help investors better frame the earnings base for FY 2025. So, with Goldman expecting IDP Education's earnings to rebound in FY 2026, it feels now is a good time to snap up its shares while they are down in the dumps. The IDP Education share price is fetching $15.18 today.

Treasury Wine Estates Ltd (ASX: TWE)

Another note out of Goldman Sachs reveals that its analysts have reiterated their buy rating on this wine giant's shares with an improved price target of $13.40. This follows the release of an update on its North American strategy and the reaffirming of its guidance for FY 2024. Goldman was pleased with both and has boosted its earnings estimates to reflect this. The broker also highlights that Treasury Wine's shares look attractively priced given the positive delivery of its strategy reset, as well as its double-digit earnings per share growth. It is now eagerly anticipating the company's China focused business update later this month. The Treasury Wine share price is trading at $12.04 this afternoon.

Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ARB Corporation, Goldman Sachs Group, and Idp Education. The Motley Fool Australia has recommended ARB Corporation and Treasury Wine Estates. 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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