Another hectic week transpired for Australia’s leading brokers, prompting the issuance of several new brokerage reports.
Below are three broker buy recommendations that you may find interesting. Here’s what analysts believe makes these ASX stocks worth considering for purchase:
ResMed Inc.Â
(
ASX: RMD
)
As stated in a note from Goldman Sachs, the firm’s analysts continue to maintain their buy recommendation and set a price target of $49.30 for the shares of this company specializing in sleep disorders treatments. The bank points out that
Apnimed
Has achieved positive outcomes from its phase 3 clinical trials for an obstructive sleep apnea (OSA) medication. Nonetheless, analysts remain unperturbed and believe that the recent dip in stock value due to this development was unwarranted. They argue that Apnimed’s AD109 drug likely won’t replace continuous positive airway pressure (CPAP) machines as the primary treatment option for OSA. This view stems from their focus on targeting individuals who either declined or did not benefit from using CPAP devices initially. Consequently, Goldman Sachs continues to express strong confidence in ResMed’s future prospects. By week’s end, ResMed’s share price stood at $38.30.
Web Travel Group LtdÂ
(
ASX: WEB
)
According to a note from Ord Minnett, their analysts have maintained their ‘buy’ recommendation for the B2B travel firm’s stock but raised their price target to $8.30 per share. They highlight that Web Travel’s shares have significantly declined during the last year due to squeezed profit margins and delayed financial reporting. Nonetheless, they advise focusing on the promising longer-term prospects. Additionally, concerns regarding weaker leisure travel demand do not faze them since Web Travel’s WebBeds division has minimal exposure to this segment, thus avoiding similar impacts as conventional booking platforms face. As the upcoming earnings announcement approaches, they anticipate potential upward revision in valuation. At market close on Friday, Web Travel’s share stood at $4.77 each.
Wesfarmers LtdÂ
(
ASX: WES
)
A recent report from Goldman Sachs indicates that their analysts continue to maintain a “buy” recommendation on the stock of this diversified corporation, setting a new price target of $87.30 per share. They were particularly impressed with Wesfarmers’ strategy meeting held last week. According to them, the leadership team presented a well-rounded approach focused primarily on sustainable growth across various business segments.
Goldman Sachs specifically pointed out that for Bunnings, apart from enhancing store efficiency, the firm plans to expand its market presence through increased online platforms and retail advertising efforts, expected to boost profit margins. As for Kmart, management disclosed ambitions to nearly triple revenues over time towards approximately $20 billion.
Overall, the financial experts at Goldman consider these strategies as positive indicators supporting robust future expansion prospects for Wesfarmers. Notably, the closing value of Wesfarmers shares saw an end-of-week figure of $82.31.
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Leading broker suggests 3 ASX stocks to purchase next week
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Motley Fool
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James Mickleboro
holds stakes in ResMed and Web Travel Group Limited. Additionally, The Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares in and recommends Goldman Sachs Group, ResMed, and Wesfarmers. Furthermore, The Motley Fool Australia also holds positions in and endorses ResMed and Wesfarmers. The Motley Fool adheres to their disclosure policies.
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This article includes solely general investment advice (covered under AFSL 400691). Authorized by Scott Phillips.
