Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

| More on:
Broker written in white with a man drawing a yellow underline.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been another busy week for Australia's top brokers. This has led to the release of a 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:

Lynas Rare Earths Ltd (ASX: LYC)

According to a note out of Goldman Sachs, its analysts have retained their buy rating on this rare earths producer's shares with a trimmed price target of $7.95. This follows the release of a stronger-than-expected quarterly result from the miner this week. Goldman highlights that the company's NdPr production of 1.72kt was 23% greater than it was forecasting. This was driven by a faster-than-expected ramp-up at the Lynas Advanced Materials Plant (LAMP) in Malaysia. Overall, the broker continues to believe that its shares are undervalued and remains positive on the long-term outlook of the NdPr market. The Lynas share price is trading at $6.23 on Friday afternoon.

Mineral Resources Ltd (ASX: MIN)

A note out of Bell Potter reveals that its analysts have retained their buy rating on this mining and mining services company's shares with an improved price target of $85.00. The broker made the move after a stronger-than-expected quarterly update. Bell Potter notes that sales volumes were above its forecasts and it was pleased to see that the company has recommenced selling Wodgina spodumene concentrate. It was also encouraged to hear that its spodumene prices improved markedly at the end of the quarter with a 22,000 tonnes shipment sold at US$1,300 per tonne for SC6 equivalent. This compares to the average for the quarter of US$1,030 per tonne for SC6 equivalent. Another positive that Bell Potter points out is that the Onslow Iron Project remains on track to export its first product in June. The Mineral Resources share price is fetching $68.84 today.

ResMed Inc. (ASX: RMD)

Analysts at Citi have retained their buy rating and $34.00 price target on this sleep disorder treatment company's shares. The broker has had quick look through ResMed's quarterly update and was impressed with its performance. It highlights that the company's earnings were approximately 10% higher than estimates thanks to stronger-than-expected revenue growth and gross margins. It also highlights that management continues to believe that weight loss drugs are creating tailwinds for the company and not the opposite. The ResMed share price is trading at $30.95 this afternoon.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Broker Notes

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Broker Notes

Why these 4 ASX 200 shares just got downgraded by top brokers

Leading brokers have downgraded their outlooks for these ASX 200 shares. But why?

Read more »

Investor sitting in front of multiple screens watching share prices
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

A young man wearing a black and white striped t-shirt looks surprised.
Broker Notes

Why this beaten-down ASX 200 stock can jump 24%

Goldman Sachs thinks this sold off stock could generate big returns for investors.

Read more »

Man with a sleep apnoea mask on whilst sleeping.
Broker Notes

ResMed shares higher as company 'turns the GLP threat into an opportunity': Fundie

ResMed is having a great run in 2024 with the share price up 29% already.

Read more »

Two miners standing together.
Materials Shares

Buy one, sell the other: Goldman's verdict on these 2 ASX lithium shares

The broker says lithium prices will not bottom until 2025. Here's what you should do in the meantime.

Read more »

Woman checking out new iPads.
Retail Shares

Dump 'em! Top broker says sell these 3 ASX retail shares

This comes amid high interest rates, weak retail sales, and persistently negative consumer sentiment.

Read more »

A young woman sits with her hand to her chin staring off to the side thinking about her investments.
Broker Notes

Down 16% in 6 weeks: Is this ASX 200 share a bargain buy?

Bell Potter has given its verdict on this beaten down stock.

Read more »

Three people in a corporate office pour over a tablet, ready to invest.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to snap up these shares.

Read more »