Many of Australia's top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.
Three buy ratings that have caught my eye are summarised below. Here's why brokers think these ASX shares are in the buy zone:
Fortescue Metals Group Limited (ASX: FMG)
According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating but trimmed the price target on this iron ore producer's shares slightly to $10.90 in response to its full year results release. Macquarie was impressed with its result and appears confident that FY 2020 will be strong as well. Whilst I prefer more diversified options, I do agree that it could be a great pick in the resources sector.
HUB24 Ltd (ASX: HUB)
Analysts at Ord Minnett have retained their buy rating but trimmed the price target on this investment platform company's shares to $15.48 in response to its full year results. According to the note, the broker feels investors should look beyond short term earnings headwinds and focus on the long term opportunity. It believes this is significant and could drive strong long term growth. I agree with Ord Minnett and would class HUB24 as a buy.
MNF Group Ltd (ASX: MNF)
A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $5.60 price target on this telco company's shares following its full year results. According to the note, MNF Group delivered a result in line with expectations. It was also pleased to see the company reaffirm its guidance for FY 2020, which it feels will boost investor confidence. I agree with Morgan Stanley on this one as well. I felt it result showed a lot of promise, especially with its growing recurring revenues.
