With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.
Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Resolute Mining Limited (ASX: RSG)
According to a note out of Macquarie, its analysts have retained their outperform rating but cut their price target on this gold miner’s shares to 35 cents. This follows the release of a life of mine update at the end of last week, which revealed that exploration results have extended the life of its Syama Oxide mine by two years. The Resolute share price is trading at 31 cents on Monday.
Temple & Webster Group Ltd (ASX: TPW)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and $12.65 price target on this online furniture and homewares retailer’s shares. Goldman remains positive on the ecommerce space. This is despite near term volatility around the normalisation of consumer behaviour following peak covid-demand periods. It is particularly positive on the home category due to a lag in penetration compared to other categories and structurally higher spending on the home relative to pre-covid levels. The Temple & Webster share price is fetching $6.45 on Monday.
Analysts at Citi have retained their buy rating but cut their price target on this cloud accounting platform provider’s shares to $132.60. Citi’s research shows that company formation and insolvency data is in-line with its expectations. It notes that insolvencies are increasing year on year in Australia and UK, while new business formation is slowing but remains above pre-COVID levels. All in all, the broker expects Xero to be trading within its expectations and has reduced its price target purely to reflect lower peer multiples. The Xero share price is trading at $95.84 this afternoon.
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