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:
Inghams Group Ltd (ASX: ING)
According to a note out of Bell Potter, its analysts have retained their buy rating and $4.35 price target on this poultry producer's shares. The broker has been looking at industry data and appears to believe it is favourable for Inghams. In light of this, it believes recent weakness following the discovery of avian flu in the Golden Plains and in NSW has created a buying opportunity. Particularly given that similar bio risks in the almond industry have had limited lasting impact. In addition, with feed cost indicators remaining lower than a year ago and a favourable crop outlook, it thinks the medium term is looking very positive. The Inghams share price is trading at $3.62 at the time of writing.
Origin Energy Ltd (ASX: ORG)
A note out of UBS reveals that its analysts have retained their buy rating on this energy company's shares with an improved price target of $12.10. The broker is feeling positive about the company's outlook thanks to the potential for evening peak price spreads to expand meaningfully. In addition, UBS has been looking at the Octopus Energy business and believes it has become a very valuable investment. The broker has increased its valuation of the business greatly, which has given Origin's overall valuation an extra boost. The Origin Energy share price is fetching $10.89 on Monday afternoon.
TechnologyOne Ltd (ASX: TNE)
Analysts at Goldman Sachs have reiterated their buy rating on this enterprise software provider's shares with an improved price target of $19.70. The broker has been looking at the UK market and sees a significant long term opportunity for TechnologyOne. In fact, it estimates that the opportunity could be three times larger than in Australia. And with the company only having minimal penetration at present, this creates a significant long-term growth runway. Especially given its belief that TechnologyOne could eventually displace the market leader in the education market. So, with its valuation looking attractive, given strong and visible growth outlook, it believes now is the time to pounce on its shares. The TechnologyOne share price is trading at $18.27 on Monday.
