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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ResMed Inc. (ASX: RMD)
According to a note out of Citi, its analysts have retained their buy rating and $36.00 price target on this sleep disorder treatment company's shares. This follows the release of trial results from Eli Lilly And Co (NYSE: LLY) in relation to tirzepatide (Mounjaro) as a treatment of moderate-to-severe obstructive sleep apnoea (OSA) in adults with obesity. While Citi acknowledges that there is a risk that a portion of patients with mild OSA symptoms might drop CPAP devices over time because of the weight loss drug, it doesn't appear overly concerned. Particularly given that stronger results were achieved from a combination of Mounjaro and CPAP devices. The ResMed share price is trading at $27.83 today.
South32 Ltd (ASX: S32)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this mining giant's shares with an improved price target of $4.50. This follows the broker's review of commodity prices. Macquarie remains very positive on a number of commodities that South32 produces such as aluminium, met coal, and nickel. In light of this, it has boosted its earnings estimates for the coming years and has named South32 as its top pick among the large cap miners right now. The South32 share price is fetching $3.63 on Monday afternoon.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Morgans have retained their add rating on this wine giant's shares with an improved price target of $15.03. The broker was pleased with a recent update on its Penfolds business and notes that management has reaffirmed its earnings guidance for FY 2024. It was even more pleased to see that its earnings growth is likely to accelerate next year thanks to US luxury availability, the acquisition of DAOU Vineyards, and the recent removal of Chinese wine tariffs. Overall, the broker sees potential for Treasury Wines to deliver double-digit earnings growth over the medium term if management can execute on its plans. The Treasury Wine share price is trading at $12.27 at the time of writing.
