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:
Image source: Getty Images
Propel Funeral Partners Ltd (ASX: PFP)
According to a note out of Bell Potter, its analysts have retained their buy rating on this funerals company's shares with a reduced price target of $5.50. This follows the release of EBTDA guidance for FY 2025 which was 8% short of consensus estimates at the mid-point of its range. Bell Potter believes that this is now more than priced in and sees plenty of value in its shares. Especially as it continues to view Propel Funeral Partners' growth as well supported by a strong underlying business with a pricing power advantage relative to other consumer facing businesses. The Propel Funeral Partners share price is trading at $4.47 on Wednesday.
Telstra Group Ltd (ASX: TLS)
A note out of Macquarie reveals that its analysts have upgraded this telco giant's shares to a buy rating with an improved price target of $5.28. Macquarie was pleased with the company's strategy update, highlighting that it has identified ~$4.5 billion of operating and capital cost reductions via workforce reduction, process improvement, and artificial intelligence. In addition, it sees positives from Telstra's Network as a Product (NaaP) plans and believes it will support sales growth. As a result, the broker believes that Telstra has an improving earnings per share profile and strong cash generation which will support growing dividends and/or buybacks. The Telstra share price is fetching $4.72 at the time of writing.
WiseTech Global Ltd (ASX: WTC)
Analysts at Goldman Sachs have retained their buy rating on this logistics solutions company's shares with a trimmed price target of $126.00. According to the note, the broker is a fan of its proposed acquisition of E2open (NYSE: ETWO). It believes the acquisition would deliver a step change in WiseTech's ability to deliver on its goal of being the operating system for global trade and logistics. It highlights that E2open brings significant and complementary product and customer relationships, allowing it to broaden its Cargowise platform across the entire logistics ecosystem. This will allow the company to pursue the US$57 billion global supply chain/logistics market. The WiseTech share price is trading at $107.87 this afternoon.
