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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Iluka Resources Ltd (ASX: ILU)
According to a note out of Macquarie, its analysts have upgraded this mineral sands producer's shares to an outperform rating with a reduced price target of $6.50. The broker made the move on valuation grounds following significant share price weakness. And while the broker acknowledges that its guidance for FY 2026 and sizeable one-off charge were disappointing, they are not enough to deter the broker from recommending it. Especially with its revenue coming in stronger than expected during the fourth quarter. The Iluka Resources share price is trading at $5.44 on Friday afternoon.
Liontown Ltd (ASX: LTR)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this lithium miner's shares with a trimmed price target of $2.42. The broker highlights that Liontown's quarterly update was softer than expected for production and revenues, but that its unit costs were better than expected. Bell Potter points out that Liontown will be ramping up and de-risking its Kathleen Valley lithium project over the next 18 months. And with the current lithium price strength, it believes the company can rapidly generate cash to support incremental production expansions and shareholder returns. Additionally, it points out that Kathleen Valley is highly strategic in terms of scale, long project life, and location in a tier-one mining jurisdiction. The Liontown share price is fetching $1.88 at the time of writing.
Mineral Resources Ltd (ASX: MIN)
Another note out of Bell Potter reveals that its analysts have retained their buy rating on this mining and mining services company's shares with an improved price target of $70.00. This follows the release of a quarterly update which was stronger than Bell Potter was expecting. The broker was also pleased to see that Mineral Resources is upgrading its spodumene production to take advantage of recent strength in lithium prices. In addition, it notes that Mineral Resources' balance sheet is deleveraging, which bodes well for the future. The Mineral Resources share price is trading at $57.83 on Friday.
