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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Corporate Travel Management Ltd (ASX: CTD)
According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $18.30 price target on this corporate travel specialist's shares. The broker has named Corporate Travel Management as one of its top small cap ideas. This is based on its belief that the company could surprise to the upside with its FY 2025 results. It feels that expectations are too low for Asia and Europe. As a result, it sees potential for its next trading update, which is likely after the third quarter, to be the catalyst to driving its shares higher. The Corporate Travel Management share price is trading at $15.49 today.
Harvey Norman Holdings Ltd (ASX: HVN)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this retail giant's shares with an improved price target of $6.00. This follows the release of a solid half year result from the company last week. Bell Potter feels that Harvey Norman's shares are trading attractively at ~15x earnings on a one-year forward basis. Especially with multiple potential catalysts on the horizon. This includes improving sales trends in key markets, assisted by a sizeable upside from the AI driven upgrade cycle/replacement and spend shift to tech, gaining penetration in targeted regions in the UK, and the incremental earnings opportunities in its Property division. It highlights that the company is Australia's largest single owner of Large Format Retail with a $4.4 billion global portfolio. The Harvey Norman share price is fetching $5.23 at the time of writing.
Newmont Corporation (ASX: NEM)
Analysts at Morgans have initiated coverage on this gold mining giant with an add rating and $84.00 price target. According to the note, the broker has been impressed with the company's portfolio optimisation. It highlights that the world's largest gold producer has divested six non-core operations and two development assets recently. Outside this, Morgans is positive on the company's outlook thanks to the strong gold price and its expansion projects. In light of this, it sees a lot of value in its shares at current levels. The Newmont share price is trading at $68.25 this morning.
