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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:
According to a note out of Citi, its analysts have retained their buy rating and $325.00 price target on this biotherapeutics giant’s shares. This follows the company’s capital markets and R&D events last week. The broker came away from the events feeling very positive on CSL’s outlook. So much so, it continues to forecast a 15% earnings per share compound annual growth rate between FY 2023 and FY 2028. In light of this, Citi feels its shares are great value at current levels. The CSL share price ended the week at $233.09.
Rio Tinto Ltd (ASX: RIO)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating on this mining giant’s shares with a price target of $126.50. Goldman was pleased with the company’s third-quarter update and described it as “strong.” All in all, the broker sees value in Rio Tinto’s shares at the current level, particularly given its positive medium-term outlook, which is being underpinned by production growth. The Rio Tinto share price ended the week at $114.62.
Treasury Wine Estates Ltd (ASX: TWE)
Another note out of Goldman Sachs reveals that its analysts have retained their buy rating and $13.40 price target on this wine giant’s shares. This follows the release of its first-quarter update. While the broker notes that the company’s first-half profits will be weaker than expected due to a greater second-half skew, it is confident that it will deliver the goods over the full year. It also sees potential upside risk to estimates if China were to remove tariffs on Australian wine. The Treasury Wine share price was fetching $11.77 at Friday’s close.
