January 29, 2023

Top Brokers Discuss 3 ASX Stocks to Purchase Next Week

There have not been multiple notes hitting the market, as most brokers took a break during the holiday. However, this article contained a summary of three recommendations that brokers are optimistic about today.

Allkem Ltd. (ASX: AKE)

Citi analysts assigned a $17.80 price target and a buy rating for the lithium miner’s stock. Though the broker suspects lithium prices peaked due to slowing electric car demand in China, that does seem too concerning.

That’s because Allkem locked in robust contracted prices. Considering the present production growth, Citi analysts remain optimistic about the firm’s outlook. The AKE stock price closed the week near $11.91.

Corporate Travel Management (ASX: CTD)

Macquarie note shows its analysts assigned an outshine rating plus a price target of $19.95 on these travel shares. However, the broker admits that market data indicates the United States recorded softened corporate travel activity in November.

That brought the worries of Corporate Travel Management failing to satisfy H1 expectations. Nonetheless, with the massive share price dip over the past twelve months and CTD trading at lucrative levels, the broker trusts everything is priced. The shares closed Friday trading at $15.62.

Xero Limited (XRO)

Bell Potter analysts have a price target of $97.90 and a buy rating on the cloud accounting network provider’s stock. The note showed the broker took optimism from the latest Q1 update release from competitor Intuit (QuickBooks owner), which might support Xero.

Moreover, it shows that Intuit stated that digitization remains the primary cloud accounting driver, not macro. That may be positive for Xero amidst the present economic environment. Xero stock price closed the week near $71.62.

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