Brokers

Top brokers name 3 ASX shares to buy today 18 May 2022

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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:

According to a note out of Citi, its analysts have retained their buy rating and $29.50 price target on this industrial property company’s shares. Citi was pleased with Goodman’s third quarter update and believes that recent weakness has created a good entry point for investors. And even though management has upgraded its earnings per share growth guidance again, the broker feels it could still be conservative. The Goodman share price is trading at $19.08 this afternoon.

Mineral Resources Limited (ASX: MIN)

A note out of Credit Suisse reveals that its analysts have initiated coverage on this mining and mining services company’s shares with an outperform rating and $73.00 price target. Credit Suisse believes that the company’s shares are very attractively priced. Particularly given its lithium exposure and pipeline of projects which are expected to support its growth in the coming years. The Mineral Resources share price is fetching $60.14 today.

Analysts at Macquarie have retained their outperform rating and $6.90 price target on this mining giant’s shares. This follows the release of a strategy and business update earlier this week. Macquarie is confident in South32’s near term outlook following the update, noting that the company is aiming to grow its production by 20% over the next couple of years. Overall, the broker believes this bodes well for earnings and ultimately share buybacks. The South32 share price is trading at $4.71 on Wednesday.

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