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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
According to a note out of Citi, its analysts have retained their buy rating and $8.03 price target on this auto parts retailer’s shares. The broker continues to rate Bapcor as its top pick in the sector and expects the company to continue to benefit from the lack of supply of new vehicles for longer than previously thought. The Bapcor share price is trading at $6.40 on Friday afternoon.
A note out of Macquarie reveals that its analysts have retained their outperform rating but cut their price target on this network as a service provider’s shares to $16.00. While Macquarie has trimmed its price target to reflect rising rates, it remains very positive and sees major upside potential for its shares. In addition, it suspects that the market is being too conservative with revenue estimates ahead of its quarterly update this month. The Megaport share price is fetching $6.80 today.
Pilbara Minerals Ltd (ASX: PLS)
Another note out of Macquarie reveals that its analysts have their outperform rating and $4.20 price target on this lithium miner’s shares. This follows the release of the results from the company’s latest BMX lithium auction. Macquarie was impressed with the price that the company commanded and notes that it is materially higher than its estimates for FY 2023. The Pilbara Minerals share price is trading at $2.38 this afternoon.