Top brokers name 3 ASX stocks to buy next week August 21, 2022
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Last week, a number of broker notes hit the wires again. Three buy ratings that investors might want to know are summarized below.
Here’s why brokers think investors should buy them next week:
Limited mineral resources (ASX: MIN)
According to a note from Citi, its analysts kept their buy rating and raised their price target on shares of the mining and mining services company to $76.00. The broker has become even more bullish on the business due to its belief that lithium prices will be higher for longer. This has led Citi to significantly improve its earnings estimate for the coming years. And with Mineral Resources expected to provide an update on its lithium operations with its results next week, the broker suspects consensus earnings estimates may need to be raised. Mineral Resources stock price ended the week at $60.90.
A note from Morgans reveals that its analysts kept their add rating but cut their price target on the e-commerce company’s stock to $1.65. The brokerage notes that shares of Redbubble sold after its annual results on concerns about high operating expenses. Although this is disappointing and the broker has adjusted its forecast and valuation accordingly, it still sees a lot of value in its shares at the current level. Redbubble’s stock price was 93 cents at Friday’s close.
Cash Wine Estates Ltd (ASX: TWE)
Macquarie analysts have upgraded shares of this wine giant to an outperform rating with an improved price target of $15.00. This follows the release of a strong full year result for the 2022 financial year which was ahead of expectations. Macquarie has been impressed with the success of Treasury Wine’s premiumization of its portfolio and its transition out of China. This led the broker to raise its earnings estimates. It now forecasts solid growth in the coming years. Treasury Wine stock price ended the week at $13.42.