Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to a number of broker notes being released 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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Cochlear Ltd (ASX: COH)
According to a note out of UBS, its analysts have retained their buy rating and $302.00 price target on this hearing solutions company's shares. The broker believes that recent share price weakness has created an attractive entry point for investors. This is especially the case given how UBS believes the new next-generation cochlear implant platform, Nexa, is expected to underpin a strong earnings recovery. It believes that with limited competition, Cochlear is well-placed to win market share. And while there are concerns over gene therapies, UBS doesn't believe this is something that will impact its near term performance. The Cochlear share price is trading at $164.17 on Wednesday afternoon.
Goodman Group (ASX: GMG)
A note out of Morgans reveals that its analysts have upgraded this industrial property company's shares to a buy rating with a trimmed price target of $32.45. Morgans highlights that Australian REITs have fallen significantly in recent months partly due to rising interest rates. However, it feels that this has been an overreaction and has created an opportunity for investors to buy high-quality shares like Goodman at attractive prices. In addition, Morgans believes that Goodman shares could start to re-rate once inflation expectations begin to moderate. The Goodman share price is fetching $25.85 at the time of writing.
Life360 Inc (ASX: 360)
Analysts at Bell Potter have retained their buy rating on this family safety technology company's shares with a trimmed price target of $37.75. According to the note, the broker has been looking ahead to Life360's quarterly update. It believes that after setting expectations relatively low for the first quarter, there is some chance of a small beat. However, it suspects this could be with its adjusted EBITDA margin rather than monthly active user growth. Outside this, the broker has lowered its valuation to reflect changes to its model, putting more emphasis on earnings and cash flow. Overall, the broker thinks recent share price weakness is an opportunity for investors to buy shares at a very attractive price. The Life360 share price is trading at $19.46 on Wednesday.
