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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Flight Centre Travel Group Ltd (ASX: FLT)
According to a note out of Citi, its analysts have retained their buy rating on this travel agent giant's shares with an improved price target of $16.75. This follows news that the company has agreed to acquire online cruise platform Iglu for 122 million British pounds. This is the second cruise related acquisition the company has made in two years and appears to indicate that management is making a strategic push into higher-value and less volatile leisure segments. In response to the acquisition, Citi has lifted its earnings estimates and its valuation accordingly. The Flight Centre share price is trading at $14.84 on Friday afternoon.
Netwealth Group Ltd (ASX: NWL)
A note out of Bell Potter reveals that its analysts have upgraded this investment platform provider's shares to a buy rating with an improved price target of $31.50. The broker believes that the company is on track to beat its funds guidance if its net flows are maintained. Outside this, it notes that Netwealth has continued to build platform functionality with additional managed account options, a new individual HIN offering, and expanded bond access through the trading desk. It believes that this will help increase its revenue share and sees a pathway to the usual +20% revenue growth story that historically has attracted value investors around these levels. The Netwealth share price is fetching $26.97 at the time of writing.
WiseTech Global Ltd (ASX: WTC)
Another note out of Citi reveals that its analysts have retained their buy rating on this logistics solutions technology company with a reduced price target of $109.15. The broker was pleased with WiseTech Global's recent investor day event, noting that it has allowed investors to refocus on its growth drivers rather than recent controversies. While it acknowledges that delays with the new CTO offering are disappointing, it was pleased with the CargoWise Value Packs and DBSchenker rollout. Overall, this has led to a slight upgrade to revenue assumptions. But with the tech sector de-rating, it has reduced its valuation to reflect lower sector multiples. The WiseTech Global share price is trading at $71.96 on Friday.
