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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Premier Investments Limited (ASX: PMV)
According to a note out of Citi, its analysts have retained their buy rating and $36.00 price target on this retail conglomerate's shares. The broker has been looking at the potential merger of Premier Investments' apparel brands with Myer Holdings Ltd (ASX: MYR). It is feeling positive about the proposal and believes it could support margin expansion for the latter company and sees potential for significant synergies from the combination. In addition, the broker has previously spoken positively about the proposed spinoff of the Peter Alexander and Smiggle brands, which are expanding internationally. In light of this, the broker thinks that buying Premier Investments gives investors an opportunity to gain exposure to both growth opportunities. The Premier Investments share price is trading at $29.66 on Monday.
REA Group Ltd (ASX: REA)
A note out of Macquarie reveals that its analysts have upgraded this online property listings company's shares to an outperform rating with an improved price target of $212.00. The broker made the move after increasing its earnings estimates and target multiples for the realestate.com.au owner. This is being underpinned by strong demand for its depth products and a better than expected performance in India. And ahead of its full year results next month, Macquarie is tipping REA to deliver a strong result with yields ahead of guidance. The REA Group share price is fetching $193.57 on Monday afternoon.
Suncorp Group Ltd (ASX: SUN)
Analysts at Goldman Sachs have retained their buy rating on this insurance giant's shares with an improved price target of $18.00. This follows the release of an update on its reinsurance renewal and perils allowance last week. Goldman believes the update is neutral to FY 2025 margins. In light of this, it remains very positive on the company. This is due to tailwinds that exist in the general insurance market, such as very strong renewal premium rate increases and the benefit of higher investment yields. In addition, it believes the strong rate momentum that Suncorp is getting should offset any volume pressures. The Suncorp share price is trading at $16.38 at the time of writing.
