Are you building an investment portfolio or refreshing one? If you are, then it could be worth looking at the ASX shares listed below.
Due to their quality, they could arguably be classed as essential shares to own. Let's dig a little deeper into them and see why brokers rate them as buys:
Aristocrat Leisure Limited (ASX: ALL)
Aristocrat Leisure could be a top ASX share to buy. It is an entertainment and content creation company powered by technology to deliver world-leading mobile and casino games.
It has three operating units: Aristocrat Gaming (poker machines), Pixel United (digital games), and Aristocrat Interactive (real money gaming). Combined, these businesses have delivered strong earnings growth over the past few years and have been tipped to continue this trend for the foreseeable future.
In fact, the relatively new Aristocrat Interactive business is aiming to generate US$1 billion in revenue by 2029. This compares to first half revenue of US$71.9 million.
Citi is positive on the company's outlook and recently put a buy rating and $59.00 on its shares.
Goodman Group (ASX: GMG)
Another ASX share that could be an essential for an investment portfolio is Goodman. It is a leading integrated commercial and industrial property company.
This month, Goodman released its full year results and wowed the market yet again. It reported a 15% increase in operating profit to $2,049.4 million and a 14% lift in operating earnings per share to 107.5 cents. The latter was ahead of its upgraded guidance.
Management is guiding to more of the same in FY 2025 and is expecting a 9% increase in operating earnings per share. Though, Goodman has a habit of being conservative with its guidance and tends to upgrade it as the year progresses. So, don't be surprised if double-digit earnings growth is achieved again.
Citi expects this to be the case. It also expects the trend to continue over the medium term thanks to its development pipeline and strong yields.
The broker has a buy rating and $40.00 price target on its shares.
Woolworths Limited (ASX: WOW)
Another ASX share that could be an essential for a portfolio is Woolworths. Especially if you want some defensive stocks in there. It is the owner of the eponymous supermarket brand, as well as the owner of Big W, a growing pet care business, and the Everyday Rewards loyalty program.
Goldman Sachs is a big fan of the company and believes its medium term outlook is positive. This due to its industry leadership and potential for market share gains thanks to its loyalty program and omni-channel advantage.
The broker currently has a buy rating and $40.20 price target on its shares.
