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:
Nextdc Ltd (ASX: NXT)
According to a note out of Ord Minnett, its analysts have retained their buy rating and $20.00 price target on this data centre operator's shares. The broker believes that the market is significantly undervaluing the company's shares at current levels. Its analysts suggests that the market is only factoring in existing contracts and no future contracts are being included in its valuation. It feels this has created a buying opportunity for investors. Especially given that NextDC is adding significant data centre capacity to its network, which could be a sign that a new and large contract could be on the cards. The NextDC share price is trading at $10.70 on Friday.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Morgans reveals that its analysts have retained their add rating on this lithium miner's shares with a reduced price target of $2.40. The broker believes that Pilbara Minerals is well-positioned to withstand weak lithium prices. Especially compared to its peers. In fact, the broker suspects that it could hold out until at least FY 2028 with current conditions. This is good news because Morgans isn't feeling as confident about the lithium recovery as it was previously and has cut its medium term estimates accordingly. This is being driven by increased supply from Africa and China, which is causing an oversupply. The Pilbara Minerals share price is fetching $1.37 today.
WiseTech Global Ltd (ASX: WTC)
Analysts at Bell Potter have retained their buy rating on this logistics solutions company's shares with a trimmed price target of $112.50. According to the note, the broker has reduced the multiples its applies in its PE ratio and EV/EBITDA valuations to reflect recent market weakness and the current global uncertainty. However, outside this, the broker remains highly positive on WiseTech Global and is forecasting very strong earnings growth over the next few years. In light of this, Bell Potter sees a lot of value in its shares after recent declines. The WiseTech Global share price ended the week at $84.42.
