Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.
Three ASX shares that brokers have named as buys this week are listed below. Here's why their analysts are feeling bullish on them right now:
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Alkane Resources Ltd (ASX: ALK)
According to a note out of Bell Potter, its analysts have retained their buy rating and $1.95 price target on this gold miner's shares. This follows the release of a half-year update that revealed a step-up in operational and financial performance in the second quarter. The broker believes that if Alkane maintains consistent delivery at this level, the market will continue to positively re-rate its shares. Outside this, it likes the company due to it offering multi-mine gold and antimony exposure across three attractive jurisdictions, a strong balance sheet, and an operating platform focused on organic and inorganic growth options. The Alkane Resources share price is trading at $1.67 on Wednesday.
Paladin Energy Ltd (ASX: PDN)
Another note out of Bell Potter reveals that its analysts have retained their buy rating and $15.30 price target on this uranium producer's shares. The broker was pleased with Paladin Energy's half-year results, highlighting that revenue and costs were slightly better than expected. This led to a beat on the bottom line. Looking ahead, Bell Potter notes that Paladin Energy is positively exposed to rising uranium markets, with ~53% exposure to spot prices out to 2030. It also points out that production at LHM continues to improve. The only risk it sees is water disruptions as it enters a seasonally tricky period known for algal blooms which impact availability from the desalination plant. The Paladin Energy share price is fetching $11.60 at the time of writing.
Seek Ltd (ASX: SEK)
Analysts at Morgans have upgraded this job listings company's shares to a buy rating with a $27.50 price target. This follows the release of a half-year result that was largely in line with expectations. Seek posted a 12% increase in revenue and a 35% jump in net profit. In light of this, Morgans thinks that recent share price weakness has created a buying opportunity for investors. However, it concedes that Seek still has many questions to answer on the AI threat. The Seek share price is trading at $15.98 this afternoon.
