It has been another busy week for many of Australia's top brokers. This has led to the release of a number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone right now:
Boss Energy Ltd (ASX: BOE)
According to a note out of Citi, its analysts have initiated coverage on the uranium producer's shares with a buy rating and $3.40 price target. The broker made the move on the belief that Boss Energy's shares have been oversold based on recent uranium price movements. In addition, it is expecting that prices could soon be heading meaningfully higher. Particularly given how there is a forecast global supply deficit at a time when nuclear energy is expected to play a key role in the global energy transition and the artificial intelligence megatrend. Overall, Citi believes this recent weakness has created a long-term buying opportunity for investors amid subdued market sentiment. The Boss Energy share price is trading at $2.62 on Friday.
Perpetual Ltd (ASX: PPT)
A note out of Bell Potter reveals that its analysts have retained their buy rating and $24.76 price target on this asset management company's shares. Bell Potter has been looking into the potential demerger of its Corporate Trust and Wealth Management businesses again. It notes that a decision on the tax ruling from the ATO is due soon and could be a major catalyst to sending its shares higher if it is favourable. Outside this, Bell Potter continues to value the remaining asset management business at between $15.16 to $16.15 per share. Then adding the range of demerger cash proceeds of $8.38 to $9.82 per share to the equation and averaging it out, this gives Perpetual a fair value of $24.76 per share today. The Perpetual share price is fetching $22.09 at the time of writing.
Rio Tinto Ltd (ASX: RIO)
Analysts at Goldman Sachs have retained their buy rating on this mining giant's shares with a trimmed price target of $135.10. This follows Rio Tinto's investor seminar which focused on the company's next phase of growth projects. Goldman notes that management reiterated its 3% medium-term production growth target (4% with lithium) and adjusted its capex guidance slightly for the latest project sequencing and the announced lithium acquisition. All in all, the broker was pleased with the update and notes that it was largely in line with expectations. In light of this, it remains positive and sees value in its shares. The Rio Tinto share price is trading at $119.65 today.
