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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Accent Group Ltd (ASX: AX1)
According to a note out of Bell Potter, its analysts have retained their buy rating and $2.50 price target on this footwear retailer's shares. This follows the release of a trading update for FY 2024 which revealed like for like sales growth of 4.1% in the second half. This was significantly better than the 1.7% growth Bell Potter was forecasting for the period. In addition, it notes that its earnings guidance implies a beat to consensus estimates and in line with its own estimates. Looking ahead, the broker remains positive due to its scale and strong brands. It feels this positions it well as the overall industry navigates a challenging retail spend environment. The Accent Group share price is trading at $2.23 on Monday.
Lovisa Holdings Ltd (ASX: LOV)
A note out of Morgans reveals that its analysts have retained their add rating on this fashion jewellery retailer's shares and lifted their price target to $37.00. The broker has been looking at the retail sector. It believes that Lovisa is on the side of the market that will be favoured by investors. This is because it has a positive outlook thanks to its store network expansion and good cost control. And while Morgans acknowledges that a social media post appears to indicate that its expansion is running a touch short of expectations and has trimmed its revenue forecasts accordingly, it remains very bullish and has named it as a top retail pick. The Lovisa share price is fetching $33.73 at the time of writing.
QBE Insurance Group Ltd (ASX: QBE)
Analysts at Goldman Sachs have retained their buy rating and $21.00 price target on this insurance giant's shares. According to the note, the broker isn't concerned by a disappointing update from industry peer Travelers Companies Inc (NYSE: TRV). It notes that catastrophe costs were significant for Travelers due to wind and hail storms in multiple US states. However, QBE has already pre-reported catastrophe through to May, which were broadly in line with allowances. It also highlights that Travelers' renewal premium rates remained strong, which it sees as a big positive. As a result, it remains positive on QBE, particularly given how it has the strongest exposure to the commercial rate cycle. The QBE share price is trading at $16.82 today.
