It has been another busy week for Australia's top brokers. This has led to the release of a large number of broker notes.
Three broker buy ratings that you might want to know more about are summarised below. Here's why brokers think these ASX shares are in the buy zone:
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AVITA Medical Inc (ASX: AVH)
According to a note out of Bell Potter, its analysts have retained their buy rating and $9.80 price target on this regenerative medicine company's shares. This follows news that the US Centre for Medicare has approved a new reimbursement code that will provide separate payment for AVITA's Recell devices used in the outpatient setting. Bell Potter feels this represents an important breakthrough for the company and further validation of the clinical benefit of the Recell technology. It notes that this new code is only granted to devices that offer a substantial clinical improvement over the standard of care. The AVITA share price is trading at $5.12 today.
Hipages Group Holdings Ltd (ASX: HPG)
A note out of Goldman Sachs reveals that its analysts have retained their buy rating and lifted their price target on this tradie platform provider's shares to $4.90. This follows news that the company has acquired a 25% interest in property management technology platform, Bricks + Agent. Goldman notes that this gives Hipages exposure to the A$21 billion Residential and Commercial Property Management channel. Goldman also expects the investment to expand Hipages' ability to capture a greater share of tradie spend. The Hipages share price is fetching $4.02 on Friday.
Suncorp Group Ltd (ASX: SUN)
Analysts at Citi have upgraded this banking and insurance giant's shares to a buy rating with a $12.80 price target. The broker notes that Suncorp's hazards claims have overrun in FY 2022. This has led to the broker downgrading its earnings estimates for the current financial year. However, Citi remains positive in the medium term and believes recent share price weakness has left its shares trading at an attractive level. The Suncorp share price is trading at $11.51 this afternoon.
