Brokers were busy this week, and three ASX shares have emerged with fresh buy ratings worth a closer look.
The S&P/ASX 200 Index (ASX: XJO) was up over the month of July.
What's more, reporting season is about to kick off in earnest, which sharpens the focus on broker calls right now.
National Australia Bank Ltd (ASX: NAB), Lynas Rare Earths Ltd (ASX: LYC), and Domino's Pizza Enterprises Ltd (ASX: DMP) all attracted analyst attention.
Let's see why.
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Three ASX shares brokers are backing
NAB
NAB shares are down this year.
Despite this, UBS renewed its buy rating with a 12-month price target of $50, implying roughly 20% upside from current levels.
The broker has pointed to an improving net interest margin as the reason the earlier sell-off went too far.
NAB is also the cheapest of the major banks on forward earnings, and its business banking franchise remains the standout asset in the sector.
Lynas
Canaccord Genuity reiterated its buy rating on Lynas shares with a $21 price target.
That points to more than 50% potential upside.
Lynas remains the only significant producer of separated heavy rare earths outside China, which sits at the core of the investment case.
Demand from electric vehicle motors, defence procurement, and wind turbines continues to underpin pricing.
Domino's
Domino's has also attracted attention from brokers in the lead-up to its earnings.
UBS renewed its buy rating but trimmed the price target from $22 to $21.
The broker's caution is understandable given the volatility in this name over recent years.
The business has been deliberately trading short-term sales for stronger long-term franchisee economics. This should reward shareholders in the longer term, although short-term issues may persist.
Did these ASX shares perform in the last earnings period?
NAB reported its first-half FY26 result on 4 May.
Cash earnings were $3,558 million excluding the impact of a software capitalisation policy change, on revenue growth of 3.1%. Net interest margin rose three basis points to 1.81%, and the interim dividend came in at 85 cents per share.
Statutory net profit fell to $2,750 million after a $949 million post-tax notable item.
Lynas posted record June quarter sales revenue of $288.9 million, up 70% on the prior corresponding period.
The average selling price hit a record $98.20 per kilogram, and closing cash finished at $1.2 billion.
Production was the sore point, with NdPr output falling to 1,857 tonnes on ore quality issues at Mount Weld.
Domino's reaffirmed preliminary unaudited underlying net profit after tax of $118 million to $122 million for FY26.
Free cash flow surged to roughly $164 million, a $116.6 million improvement on the prior year.
Offsetting that, the company flagged $259 million of balance sheet write-downs, of which about $246 million is non-cash.
Same-store sales fell 4.1% across the group, though rolling 12-month franchisee EBITDA improved 11.3% in constant currency.
Domino's audited full-year result is due on 26 August.
Foolish Takeaway
These three ASX shares are backed by brokers for very different reasons.
NAB is the valuation call, Lynas is the strategic supply call, and Domino's is the turnaround call.
Each stock carries its own distinct risk.
NAB faces deposit competition and slowing credit growth, Lynas has to prove it can lift production reliably, and Domino's needs its incoming chief executive to deliver.
Investors should know that price targets are a guide rather than a guarantee, and 12 months is a very short horizon in investing.
