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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Gentrack Group Ltd (ASX: GTK)
According to a note out of Bell Potter, its analysts have retained their buy rating on this specialist software provider's shares with an improved price target of $13.90. This follows the release of a full year result which was ahead of guidance, consensus estimates, and Bell Potter's expectations. Looking ahead, the broker is bullish on Gentrack's ability to maintain its customer win momentum in both the rest of the world and core markets. It expects this to be underpinned by rapidly shifting energy consumption and production trends, which are driving increased complexity that legacy platforms can't handle. It notes that this will support high NRR revenues and flow onto ARR. The Gentrack share price is trading at $11.82 on Wednesday.
Newmont Corporation (ASX: NEM)
A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and $82.00 price target on this gold miner's shares. This follows news that the company has signed another agreement to divest a non-core asset. This time around, Newmont is offloading its Eleonore operation in Northern Quebec, Canada, to Dhilmar for US$795 million in cash consideration. Macquarie notes that this was comfortably ahead of its valuation for the asset. Overall, the broker has been very impressed with its asset sales, which have taken full advantage of the strong gold price. It feels this bodes well for share buybacks in the near term. The Newmont share price is fetching $65.26 at the time of writing.
Webjet Group (ASX: WJL)
Analysts at Goldman Sachs have retained their buy rating on this online travel agent's shares with an improved price target of $1.10. According to the note, the broker was pleased with Webjet's performance during the first half, noting that its result was in line with expectations thanks to its key OTA business. It was also pleased to see that Webjet's OTA bookings, total transaction value, and revenue turn positive during the first seven weeks of the second half. In light of this, the broker remains positive on Webjet and sees plenty of value in its shares at current levels. The Webjet share price is trading at 86.5 cents this afternoon.
