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:
BlueScope Steel Limited (ASX: BSL)
According to a note out of Goldman Sachs, its analysts have reiterated their buy rating on this steel products company's shares with an improved price target of $30.10. The broker is feeling positive about BlueScope's outlook thanks to its exposure to painted steel products. Its analysis indicates the US painted steel growth opportunity could deliver ~$400 million (~20%) EBITDA upside for the company. In addition, the broker believes that BlueScope's shares are undervalued compared to their US steel peers. As a result, it thinks that this is a great opportunity for investors to pick up shares on the cheap. The BlueScope share price is trading at $20.18 today.
Capricorn Metals Ltd (ASX: CMM)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this gold miner's shares with an improved price target of $6.53. This follows news that Capricorn Metals has reduced its gold hedge book by 52,000 ounces. Bell Potter notes that the buyback of approximately half of its remaining hedge book mirrors the successful strategy of 2023, which resulted in a relative cash benefit of ~$13 million. And while this has resulted in the broker reducing its earnings forecasts for FY 2024 due to higher financing costs, it has lifted its future earnings estimates meaningfully and has boosted its valuation accordingly. The Capricorn Metals share price is fetching $4.63 at the time of writing.
Light & Wonder Inc (ASX: LNW)
Analysts at Morgans have initiated coverage on this gambling products and services provider's shares with an add rating and $172.00 price target. According to the note, the broker has been impressed with the way the company's restructuring and rebranding has resulted in the significant capture of land-based market share in Australia. But the real reason Morgans is bullish is that it believes Light & Wonder can replicate this in the massive United States market. In addition, the broker highlights that its digital segments are performing well with its social casino division, SciPlay, significantly outpacing the rest of the market. The Light & Wonder share price is trading at $140.15 on Monday.
