Leading brokers name 3 ASX shares to buy today 31 January 2023
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Given how 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 that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Coles Group Ltd (ASX: COL)
According to a note out of Credit Suisse, its analysts have upgraded this supermarket giant’s shares to an outperform rating with a $19.31 price target. The broker is positive on the supermarket industry thanks to food inflation and the removal of COVID-related costs. It expects this to underpin strong earnings growth in FY 2023. The Coles share price is trading at $17.75 on Tuesday afternoon.
Telstra Group Ltd (ASX: TLS)
A note out of Goldman Sachs reveals that its analysts have upgraded this telco giant’s shares to a buy rating with a $4.60 price target. Goldman believes that Telstra is an attractive option right now due to the defensive nature of telecoms in an uncertain 2023. The broker also highlights its low risk earnings (and dividend) growth over the coming years and the favourable outlook for the mobile market following price rises from competitors. The Telstra share price is fetching $4.10 today.
Temple & Webster Group Ltd (ASX: TPW)
Another note out of Goldman Sachs reveals that its analysts have put a conviction buy rating and $7.60 price target on this online furniture retailer’s shares. The broker added Temple & Webster to its conviction list on the belief that the market is underestimating its medium term outlook. It also highlights its significant discount to pre-COVID multiples. Overall, the broker believes the company is well-placed to deliver strong top line growth over the coming years thanks to its strong market position and structural drivers. The Temple & Webster share price is trading at $5.71 this afternoon.