Australia’s top brokers have been busy adjusting their estimates and recommendations again, leading to the release of a large number of broker notes this week.
Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:
Australia and New Zealand Banking GrpLtd(ASX: ANZ)
According to a note out of
Morgans, its analysts have retained their
add rating and increased their price target on this banking giant’s shares to $26.00. The broker notes that APRA has removed dividend restrictions on the banks from 2021. It expects this to result in ANZ lifting its dividend payout ratio to upwards of 70% in the coming years. In light of this, Morgans is forecasting a $1.27 per share dividend in FY 2021 and a $1.50 per share dividend in FY 2022. Based on the current ANZ share price of $23.39, this represents 5.4% and 6.4% dividend yields, respectively.
Top brokers name 3 ASX shares to sell next week fool.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com.au Daily Mail and Mail on Sunday newspapers.
In late morning trade the
S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing the benchmark index is down 0.4% to 6,700.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
The Appen share price has sunk 12% lower to $26.27 following the release of an update. The artificial intelligence services company revealed that COVID-19 has been weighing on its performance and is expected to lead to it falling well short of guidance in FY 2020. It is now forecasting underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $106 million to $109 million (or $108 million to $111 million when applying the originally assumed exchange rate). This is down from its previous guidance of $125 million to $130 million.