Image source: Getty Images
Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a 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:
Arafura Rare Earths Ltd (ASX: ARU)
According to a note out of Bell Potter, its analysts have retained their speculative buy rating and 72 cents price target on this rare earths producer’s shares. This follows news of potential funding of US$300 from Export Development Canada. The broker sees this as a positive and continues to believe that the company’s Nolans Project has huge potential. This is thanks to strong demand from the electric vehicle and wind turbine sectors in combination with a need to de-risk current supply concentration in China. The Arafura share price is trading at 34 cents today.
A note out of Macquarie reveals that its analysts have retained their outperform rating on this biotherapeutics company’s shares with a trimmed price target of $326.00. Macquarie notes that CSL has guided to a profit below its expectations in both FY 2023 and FY 2024. While this is disappointing, the broker continues to see value in its shares at the current level and has retained its outperform rating. The CSL share price is fetching $286.00 on Wednesday.
Mineral Resources Ltd (ASX: MIN)
Analysts at Morgans have retained their add rating and $93.00 price target on this mining and mining services company’s shares. The broker notes that Mineral Resources has downgraded its lithium guidance for FY 2023. However, offsetting this negative, is news that it has terminated the loss-making toll agreement with Ganfeng Lithium on the Mt Marion project. In addition, the announcement of a significant gas discovery is seen as very promising. The Mineral Resources share price is trading at $73.17 this afternoon.
