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:
AMP Ltd (ASX: AMP)
According to a note out of Citi, its analysts have upgraded this financial services company's shares to a buy rating with a $2.10 price target. The broker believes a buying opportunity has been created following share price weakness in response to AMP's third quarter update. As well as seeing value in its shares at current levels, the broker believes that there could be a capital return announced with its results next month. Combined with strong cost control and a stabilisation in underlying bank earnings, Citi believes there are plenty of reasons to be positive. The AMP share price is trading at $1.83 on Monday afternoon.
Develop Global Ltd (ASX: DVP)
A note out of Bell Potter reveals that its analysts have retained their buy rating on the ASX mining stock with an improved price target of $5.80. The broker has upgraded its estimates to reflect higher than expected commodity prices. Outside this, the broker believes there are a number of tailwinds that could drive an outperformance. It points out that if silver prices remain elevated, it will accelerate the paydown of the silver stream liability with Sandstorm Gold. In addition, Bell Potter thinks that the achievement of steady-state production at the Woodlawn project could be a big boost to its share price. As could the announcement of the Sulphur Springs final investment decision and the finalisation of its financing package. The Develop Global share price is fetching $5.27 at the time of writing.
WiseTech Global Ltd (ASX: WTC)
Another note out of Citi reveals that its analysts have retained their buy rating and $109.15 price target on this logistics solutions technology company's shares. The broker believes the company can achieve the midpoint of its annual revenue guidance despite granting some customers a short-term exemption from its new pricing model. While Citi concedes that second half revenue from Cargowise value packs could be smaller than previously expected, it believes this could be offset by stronger than expected industry freight volumes. Citi also sees potential upside to its earnings from lower than forecast operating expenses. The WiseTech Global share price is trading at $67.49 on Monday afternoon.
