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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CSL Ltd (ASX: CSL)
According to a note out of UBS, its analysts have retained their buy rating on this biotechnology company's shares with a trimmed price target of $330.00. UBS has reduced its earnings estimates and valuation to reflect its belief that trading conditions are not as favourable as it was expecting for CSL's vaccines business. Nevertheless, the broker remains bullish on CSL due to the positive outlook for its key CSL Behring plasma business. UBS feels that consensus estimates are achievable, which is expected to drive solid earnings growth thanks partly to expanding margins. The CSL share price is trading at $280.66 at the time of writing.
Iluka Resources Limited (ASX: ILU)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $7.70 price target on this mineral sands producer's shares. This follows the release of an update on funding for its Eneabba Rare Earth refinery in Western Australia. Goldman was pleased to see that the government has approved an additional $400 million of project funding. It notes that this is a significant positive milestone for Iluka and believes that the Eneabba Rare Earth refinery will be a strategic and highly valuable Western World critical mineral asset. It will also be only the fifth refinery of its kind outside of China. Despite this, Goldman points out that the market is pricing in almost no value to the rare earth refinery and Wimmera rare earth project. The Iluka share price is fetching $4.91 on Monday.
Super Retail Group Ltd (ASX: SUL)
Analysts at Morgans have retained their add rating on this retail conglomerate's shares with a trimmed price target of $18.55. This follows the recent release of a first quarter update that was a touch softer than the broker was expecting. Morgans has reduced its earnings forecasts to reflect the challenging trading conditions in the auto parts industry but remains positive on its outlook. In addition, as well as decent upside, Morgans is expecting Super Retail's shares to provide investors with 6%+ fully franked dividend yields in the near term. The Super Retail share price is trading at $15.21 today.
