With a new month upon us, now could be a good time to look at making some new portfolio additions.
But which ASX shares could be quality options in August? Let's take a look at five of the best shares to buy according to analysts. They are as follows:
Aristocrat Leisure Limited (ASX: ALL)
The first ASX share that could be a buy in August is Aristocrat Leisure. It is one of the world's leading gaming technology companies and the owner of a portfolio of leading poker machines, digital games, and real money games.
Citi is a fan of the company and appears positive on the outlook of the new Aristocrat Interactive business, which was formed following the acquisition of NeoGames for $1.5 billion.
The broker has a buy rating and $57.00 price target on its shares.
IDP Education Ltd (ASX: IEL)
Another ASX share that could be a buy is IDP Education. It is a language testing and student placement company with operations across the globe.
Goldman Sachs thinks that its shares are dirt cheap at current levels, especially for long-term investors. While it acknowledges that IDP Education is facing major short term headwinds, it remains very positive on its long term growth. This is thanks to structural tailwinds and its dominant market position.
Goldman has a buy rating and $21.75 price target on its shares.
Lovisa Holdings Ltd (ASX: LOV)
A third ASX share that could be a buy in August is fashion jewellery retailer Lovisa.
Bell Potter is very bullish on the retailer's long term outlook. This is because it believes it has the potential to grow its network by an average of 10% per annum between FY 2023 and FY 2034. If it delivers on this, it should be supportive of strong sales and earnings growth over the period.
The broker has a buy rating and $36.00 price target on its shares.
Temple & Webster Group Ltd (ASX: TPW)
Another ASX share that could be a buy is Temple & Webster. It is Australia's leading pureplay online furniture and homewares retailer.
Citi is feeling positive about the company's outlook and feels that recent share price weakness has created a buying opportunity. Particularly given that other retailers targeting younger demographics have been reporting strong numbers.
Last week, Citi put a buy rating and $11.00 price target on its shares.
Webjet Limited (ASX: WEB)
A fifth ASX share that could be a buy is online travel booking company Webjet.
That's the view of analysts at Morgans, which remain very bullish on the company's outlook. This is thanks largely to the key WebBeds B2B business, which it sees as the real growth engine for the company.
Morgans has an add rating and price target of $11.20 on Webjet's shares.
