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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Codan Ltd (ASX: CDA)
According to a note out of Ord Minnett, its analysts have upgraded this metal detector company's shares to a buy rating with a $40.00 price target. The broker was pleased with Codan's half-year results, noting that it delivered a strong performance. And while the Minelab business was the star of the show, it was pleased with the communications business and highlights its unmanned drone systems as a potential growth driver in the coming years. This is especially the case given how much EU countries are investing in drone warfare. The Codan share price is trading at $34.50 on Wednesday afternoon.
Monadelphous Group Ltd (ASX: MND)
A note out of Bell Potter reveals that its analysts have retained their buy rating on this diversified services company's shares with an improved price target of $37.00. The broker was impressed with Monadelphous' performance during the first half of FY 2026. It highlights that the company delivered a half-year profit ahead of expectations thanks to a stronger than forecast EBITDA margin. The good news is that Bell Potter believes that Monadelphous can sustain its current strong operating momentum in the short-term given its contracted position and further work package awards that are likely to land in the second half. In addition, it points out that the company's increasing liquidity gives it optionality to lean aggressively on M&A or return excess capital to shareholders. The Monadelphous share price is fetching $30.72 at the time of writing.
Woodside Energy Group Ltd (ASX: WDS)
Analysts at Morgans have retained their buy rating on this energy giant's shares with an improved price target of $30.50. According to the note, the broker felt that Woodside's FY 2025 result was strong, with profit and dividends ahead of expectations. Morgans sees further upside potential ahead from a recovering oil price and the successful execution of new projects. The broker also believes there's potential for a production guidance upgrade in FY 2026 if everything runs smoothly. The Woodside share price is trading at $28.14 on Wednesday.
