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Top brokers name 3 ASX shares to buy next week 2 October 2022


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Last week, a number of brokers’ notes found their way back into banknotes. Three buy ratings investors may want to be aware of are listed below.

Here’s why brokers believe investors should buy them next week:

AGL Energy Limited (ASX: AGL)

Analysts at Credit Suisse upgraded the energy company’s stock to an outperform rating with a price target of $8.20, according to the report. This followed the company’s announcement of a plan to exit coal 10 years ahead of schedule in 2035. Credit Suisse appears to support the move. And while he expects this to lead to a decent increase in capex, the broker believes AGL’s free cash flow will remain strong. AGL’s share price ended the week at $6.84.

BHP Group Ltd (ASX: BHP)

Macquarie’s note indicated that its analysts maintained their Outperform rating and raised their price target on the mining giant’s stock to $44.00. Macquarie has raised its thermal coal price forecasts to reflect supply constraints and risks to global energy security. That led the broker to raise its earnings estimates for BHP by about 5% a year to fiscal 2026. BHP shares traded at $38.52 at the close on Friday.

Brickworks Limited (ASX: BKW)

Analysts at Morgans maintained their rating and raised their target price on the building products company’s stock to $24.00. According to the note, Morgans was impressed with Brickworks’ full-year results, which beat consensus estimates by ~10%. In addition, the broker emphasizes that his shares are shown as cheap. This is based on the current discount to the estimated NTA and the set of value-adding projects that will potentially be implemented in the coming years. Brickworks shares ended the week at $21.54.


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