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:
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Accent Group Ltd (ASX: AX1)
According to a note out of Bell Potter, its analysts have retained their buy rating on this footwear focused retailer's shares with a reduced price target of $2.10. This follows the release of an update which revealed that trading conditions have been tough during the second half. As a result, EBIT is expected to come in well short of consensus estimates. Bell Potter remains positive and believes that rate cuts are likely to boost consumer spending. In addition, it expects the roll out of the Sports Direct brand to support its growth in the coming years. Particularly given that Accent is targeting its first store by the end of this year and then a total of 50 stores over the next six years. The Accent share price is trading at $1.39 on Friday.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Macquarie reveals that its analysts have retained their outperform rating and $2.40 price target on this lithium miner's shares. This follows news that Pilbara Minerals has upgraded its mineral resource estimate with a 23% increase in contained lithium. This reflects a 10% increase in tonnage and 12% lift in grade. Macquarie views the resource upgrade as encouraging and sees optionality and operating cost reduction opportunities in the longer term. In light of this, the broker remains bullish and sees a lot of value in the lithium miner's shares at current levels. The Pilbara Minerals share price is fetching $1.35 at the time of writing.
REA Group Ltd (ASX: REA)
Analysts at Citi have retained their buy rating and $275.00 price target on this property listings company's shares. According to the note, the broker believes the Reserve Bank of Australia will cut interest rates a further three times this year, which should be a boost to listings on its dominant realestate.com.au website. Outside this, the broker has previously spoken about how it believes REA Group's product execution is likely to insulate it from increased competition by Domain Holdings Australia Ltd (ASX: DHG) if it is successfully taken over by a larger player. The REA Group share price is trading at $232.56 this afternoon.
