Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.
Three ASX shares that brokers have named as buys this week are listed below. Here's why their analysts are feeling bullish on them right now:
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Hub24 Ltd (ASX: HUB)
According to a note out of Bell Potter, its analysts have retained their buy rating and $53.20 price target on this investment platform provider's shares. This follows the release of a fourth quarter update which revealed that total funds under administration (FUA) increased 30% year on year to $104.7 billion. This comprises platform FUA of $84.4 billion and non-custodial FUA of $20.3 billion. Bell Potter was pleased with Hub24's performance and believes its shares look cheap relative to other high growth specialist platform providers. Especially given its belief that the positive outlook for principal net flows should underpin incremental earnings growth. It also highlights that it likes the company due to its large exposure to superannuation assets and its ability to deliver complex integrations. The Hub24 share price is trading at $47.44 on Wednesday.
Rio Tinto Ltd (ASX: RIO)
A note out of Morgans reveals that its analysts have upgraded this mining giant's shares to an add rating but trimmed their price target on them slightly to $130.00. This follows the release of the miner's second quarter update, which revealed a strong performance from the key Escondida copper operation and improved productivity. And while there are risks emerging for its iron ore production growth in the Pilbara and costs are rising, Morgans remains positive and sees plenty of value in its shares at current levels. The Rio Tinto share price is fetching $117.25 at the time of writing.
Seek Ltd (ASX: SEK)
Analysts at UBS have retained their buy rating on this job listings company's shares with a reduced price target of $27.10. According to the note, the broker has been busy reviewing the online classifieds space and likes what it has seen. It continues to believe that the industry is well-placed for underlying growth thanks to improving yields and price increases. And while it has trimmed its expectations for Seek slightly for FY 2025, it believes its shares remain undervalued at current levels and sees scope for them to rise strongly over the next 12 months. The Seek share price is trading at $21.31 this morning.
