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Many of Australia’s top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.
Three ASX shares that brokers have named as buys this week are listed below. Here’s why their analysts are feeling bullish on them right now:
Beach Energy Ltd (ASX: BPT)
According to a note out of Bell Potter, its analysts have retained their buy rating on this energy producer’s shares with a trimmed price target of $1.75. This follows the announcement of the outcomes of the company’s strategic review. The broker notes that the outcomes were largely as expected, with strong cost out targets and capital discipline. Combined with its production guidance for FY 2025, Bell Potter has adjusted its earnings estimates through to FY 2026 and valuation accordingly. And while its valuation has been lowered, it still sees plenty of value on offer with its shares at current levels and retains its buy rating. The Beach Energy share price is currently trading at $1.45.
Another note out of Bell Potter reveals that its analysts have retained their buy rating on this location technology company’s shares with an improved price target of $17.75. This follows news that the Life360 app has surpassed 2 million paying circles. Bell Potter notes that this was notably ahead of its expectations. In fact, the broker was only expecting 1.98 million at the end of the first half. It feels this bodes well for the company going into the seasonally strong third quarter of the year. In light of this, its analysts appear confident that the company is destined to deliver another strong result in FY 2024. The Life360 share price is fetching $15.77 on Wednesday afternoon.
Premier Investments Limited (ASX: PMV)
Analysts at Morgan Stanley have retained their overweight rating and $39.50 price target on this retail giant’s shares. According to the note, the broker continues to believe the market is under-appreciating the growth potential of the Peter Alexander brand. It also feels that the market is doubting its ability to expand into the lucrative UK market due to competition concerns. However, Morgan Stanley doesn’t believe this is the case and highlights that the UK sleepwear market is highly fragmented with no true market leader. It believes this gives the Peter Alexander brand a great opportunity to penetrate the market. The Premier Investments share price is trading at $29.34 today.