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:
Alkane Resources Ltd (ASX: ALK)
According to a note out of Bell Potter, its analysts have retained their buy rating on this gold miner's shares with an improved price target of $1.45. This follows the recent completion of its merger with Canadian gold and antimony producer, Mandalay Resources and the release of its FY 2026 production and cost guidance. Bell Potter is a fan of the merged entity, highlighting its strengthened balance sheet, holding net cash of ~$145 million and a hedge book of ~60koz, which has been diluted down to >20% of forecast production (from ~40% on Tomingley alone). Combined with a higher forecast gold price, the broker has boosted its valuation and recommends investors snap up its shares today. The Alkane Resources share price is trading at $1.02 on Wednesday.
Paladin Energy Ltd (ASX: PDN)
A note out of Citi reveals that its analysts have retained their buy rating on this uranium producer's shares with a reduced price target of $9.00. This follows news that the company is undertaking a $300 million capital raising at an 8% discount of $7.25 per new share. Proceeds from the capital raising will primarily be used to advance the development of the Patterson Lake South towards a final investment decision. While Citi has trimmed its earnings estimates and valuation to reflect dilutions from the capital raising, it remains positive on Paladin Energy. Particularly given how the Langer Heinrich operation is performing ahead of expectations so far this quarter. The Paladin Energy share price is fetching $7.63 at the time of writing.
Super Retail Group Ltd (ASX: SUL)
Another note out of Citi reveals that its analysts have retained their buy rating and $20.50 price target on this retail conglomerate's shares. This follows news that the Rebel and Supercheap Auto owner's CEO, Anthony Heraghty, has had his employment terminated after it received new information regarding his relationship with the company's former chief human resources officer. While Citi acknowledges that the loss of a highly regarded CEO is a blow and creates uncertainty, it is comfortable in its interim leadership, which sees long-serving CFO, David Burns, step up to the top job. The Super Retail share price is trading at $16.87 this afternoon.
