Many of Australia's top brokers have been busy adjusting their financial models and recommendations. 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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4DMedical Ltd (ASX: 4DX)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating on this medical technology company's shares with an improved price target of $6.00. The broker highlights that 4DMedical has announced plans for a head to head study of its CT:VQ exam vs CT Pulmonary Angiogram (current standard of care) in patients with suspected Pulmonary Embolism (PE). It points out that this is necessary to generate clinical data to support the broader adoption of the 4DX CT:VQ exam for patients not subject to nuclear medicine for the ventilation/perfusion component of the exam. This is important because the total addressable market is estimated at $2.5 billion annually. And while changes to its earnings estimates are modest in the period before FY 2028, it expects exponential adoption beyond then. The 4DMedical share price is trading at $3.83 on Wednesday.
Coles Group Ltd (ASX: COL)
A note out of Macquarie reveals that its analysts have retained their outperform rating on this supermarket giant's shares with an improved price target of $24.10. The broker believes that trading conditions are tough for retailers right now due to a significant weakening in the outlook for consumer spending. As a result, it has a preference for defensive retailers. This is particularly the case for supermarket operators, with Macquarie believing that consumers will cut back on spending in other categories but not on groceries. The Coles share price is fetching $21.48 at the time of writing.
Pro Medicus Ltd (ASX: PME)
Another note out of Macquarie reveals that its analysts have retained their outperform rating on this health imaging technology company's shares with a trimmed price target of $221.00. This follows news that Pro Medicus has won a series of contracts for its Visage platform. Macquarie was pleased with the contract wins and highlights that one with TidalHealth includes its cardiology offering. It believes this leaves the company well-placed to achieve its market share estimates by 2030. And with its shares down heavily from their highs, the broker sees considerable upside for investors over the next 12 months. The Pro Medicus share price is trading at $159.12 on Wednesday.
