S&P/ASX 200 Index (ASX: XJO) shares are having a ripper day, up 1.22% to 8,696.6 points at the time of writing.
Let's check out some ASX shares to buy, according to the experts.
ASX shares to buy ahead of the new year
South32 Ltd (ASX: S32)
The South32 share price is $3.56, up 3.6% on Friday and up 2.8% in the year to date (YTD).
Among the diversified ASX mining shares, Macquarie prefers South32 over all others.
The broker raised its rating on South32 from neutral to outperform this week.
Macquarie said:
We upgrade S32 from Neutral to Outperform given prospects of an improved returns outlook and a favourable catalyst backdrop.
South32 is benefiting from an increase in commodity prices for many of the metals and industrial materials it produces.
The miner produces nine commodities, including silver, copper, and aluminium.
The silver price is up 119% in the year to date, while copper is up 36% and aluminium 14%.
Macquarie has a 12-month price target of $3.70 on South32 shares.
Elders Ltd (ASX: ELD)
Elders supplies farming products and provides advisory, financial, and real estate services.
The Elders share price is $7, up 0.5% today and down 3% for 2025.
Morgans retained its buy rating on Elders shares after the company released its FY25 results.
The broker said:
ELD's FY25 result was in line with its guidance. As was well guided too, the 2H25 was weak due to drought.
Outlook comments were optimistic, the 1Q26 is off to a strong start and FY26 should benefit from a positive rainfall outlook, higher selling prices, acquisitions and the transformation projects.
The broker upgraded its price target on this ASX agricultural share from $8.50 to $8.65.
Light & Wonder Inc. CDI (ASX: LNW)
Light & Wonder is a US gaming machines manufacturer and software developer.
The Light & Wonder share price is $151.61, up 0.02% on Friday and up 8.7% this year.
Morgans has a buy rating on Light & Wonder shares with a price target of $175.
After the company's 3Q FY25 results, Morgans commented:
LNW delivered record margin expansion across all three segments, with iGaming operating leverage the standout performer, while land-based margins surprised on favourable product mix as Grover scales and premium installed base momentum continues.
Mineral Resources Ltd (ASX: MIN)
Mineral Resources is a diversified ASX mining share that produces iron ore and lithium, and provides mining industry services worldwide.
The Mineral Resources share price is $51.84, up 0.35% today and 49% in the YTD.
Ord Minnett has a buy rating on Mineral Resources with a price target of $55.
In a recent note, the broker said:
Mineral Resources (MIN) has formed a joint venture with POSCO Holdings for its lithium assets that sees the giant Korean group pay US$765 million ($1.2 billion) cash for a 30% stake in the JV, with the Australian company holding the other 70%.
The purchase price values the Australian company's remaining stakes in the Wodgina and Mt Marion operations at circa $4 billion, versus a consensus valuation of $2.8 billion previously, and implies a long-term spodumene price of circa US$1600 a tonne, comfortably above market expectations centred on US$1240 a tonne.
Find out whether Mineral Resources will resume paying dividends in FY26.
Woodside Energy Group Ltd (ASX: WDS)
Oil & gas giant Woodside is the largest ASX energy share.
The Woodside share price is $24.69, down 0.3% today and 1.1% for the year.
Morgans has a buy rating on Woodside with a share price target of $30.50.
The broker recently commented:
Growth to 2032 with net operating cash flow guided to ~US$9bn (+6% CAGR) with a pathway to ~50% higher dividends.
Execution remains best-in-class: Scarborough, Sangomar and Trion all tracking on time and budget. Louisiana progressing under de-risked funding structure.
