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It has been another busy week for Australia’s top brokers. This has led to the release of a large 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:
According to a note out of Morgans, its analysts have retained their add rating on this mining giant’s shares with a trimmed price target of $47.00. This follows the release of a mixed quarterly update from the Big Australian. One positive, though, was that BHP has reaffirmed its production and cost guidance for the full year despite the tough operating environment. Overall, the broker remains positive and continues to rate BHP as one of the best options in the sector. The BHP share price is trading at $38.11 today.
A note out of Citi reveals that its analysts have retained their buy rating and $10.70 price target on this energy producer’s shares. Citi was pleased with Santos’ performance during the third quarter and notes its strong realised prices. Overall, the record result was ahead of expectations and its strong free cash flow was a major highlight. The Santos share price is fetching $7.61 on Friday.
Transurban Group (ASX: TCL)
Analysts at JP Morgan have upgraded this toll road operator’s shares to an overweight rating with a $15.00 price target. According to the note, the broker has been pleased to see that traffic continues to increase on the company’s roads. This bodes well for its earnings and distributions, particularly given how toll prices are increasing. The Transurban share price is trading at $12.40 this afternoon.