With so many shares to choose from on the Australian share market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares that leading brokers have named as buys this week are listed below. Here's why they are bullish on them:
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Catalyst Metals Ltd (ASX: CYL)
According to a note out of Bell Potter, its analysts have resumed coverage on this gold miner's shares with a buy rating and $9.30 price target. The broker is feeling positive about the company's outlook, noting that it has derisked the Plutonic gold hub with a clear line of sight to a 200,000 ounces per annum steady state production in FY 2029. This is double its current production and is expected to be achieved by developing five mines under a hub-and-spoke model and leveraging latent processing capacity at its processing plant. In addition, Bell Potter highlights that Catalyst Metals remains debt free with no gold hedging contracts. This provides full exposure to gold price upside, which it feels is particularly attractive in the current gold bull market. The Catalyst Metals share price is trading at $6.57 on Monday.
Liontown Ltd (ASX: LTR)
A note out of UBS reveals that its analysts have upgraded this lithium miner's shares to a buy rating with a vastly improved price target of $1.80. The broker made the move after increasing its lithium price forecasts materially for the coming years to reflect increasing demand. UBS believes that the lithium market could move into a deficit next year. It expects this to lead to significant improvements in free cash flow generation for lithium miners. As a result, it sees now as a good time for investors to pick up Liontown shares. The Liontown share price is fetching $1.45 at the time of writing.
NextDC Ltd (ASX: NXT)
Analysts at Ord Minnett have retained their buy rating on this data centre operator's shares with an improved price target of $20.50. According to the note, the broker was pleased to see that NextDC has signed a memorandum of understanding with ChatGPT's owner OpenAI for its proposed S7 data centre in Eastern Creek, Sydney. This centre will be a hyperscale AI campus and the largest in the southern hemisphere with 650MW capacity. It sees big positives from the plan and believes it could be a big boost to its valuation if it goes ahead as expected. The NextDC share price is trading at $14.10 this afternoon.
