Top brokers name 3 ASX shares to buy today 5 October 2022
Image source: Getty Images
Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Core Lithium Ltd (ASX: CXO)
According to a note out of Macquarie, its analysts have retained their outperform rating and $1.70 price target on this lithium miner’s shares. This follows the completion of a $100 million institutional placement and the first sale of its spodumene direct shipping ore through a digital exchange platform. In respect to the former, the broker believes Core Lithium is well-placed to accelerate its growth thanks to this equity raising. The Core Lithium share price is trading at $1.16 on Wednesday.
A note out of UBS reveals that its analysts have retained their buy rating on this mining company’s shares with an improved price target of $16.15. UBS has been looking at the mining sector and remains positive on lithium prices due to strong demand and tight supply. In light of this, the broker sees plenty of value in the company’s shares at the current level. The IGO share price is fetching $14.98 this afternoon.
Another note out of UBS reveals that its analysts have initiated coverage on this intellectual property services company’s shares with a buy rating and $11.00. The broker is a fan of IPH due to its defensive qualities, which it sees as a positive in the current environment, and its long track record of making earnings accretive acquisitions. UBS feels the latter is under-appreciated by the market. Finally, its analysts highlight that a weaker Australian dollar is a positive for the company’s profits. The IPH share price is trading at $9.80 today.
