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It was another busy week for Australia’s top brokers. This led to the release of a large number of broker notes.
Three ASX 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 Macquarie, its analysts have retained their outperform rating on this rare earths producer’s shares with an improved price target of $7.70. This follows news that the Lynas’ operating licence in Malaysia has been amended. Macquarie’s analysts believe this is a big positive and notes that it will reduce the pressure on the Kalgoorlie ramp-up. The Lynas share price ended the week at $7.12.
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this network services company’s shares with a slightly trimmed price target of $11.90. While the broker wasn’t blown away by Megaport’s quarterly update, it has seen enough to remain bullish. Particularly given Megaport’s exposure to strong structural tailwinds from the adoption of public cloud including multi-cloud usage and the transition towards NaaS technologies. The Megaport share price was fetching $9.52 on Friday.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Goldman Sachs have also retained their buy rating and $13.40 price target on this wine giant’s shares. This follows news that China could soon remove its tariffs on Australian wine. Goldman highlights that at its peak, its Penfolds business exported an estimated ~600K bottles ($400 million value) to China. The Treasury Wine share price was trading at $12.22 at Friday’s close.
