There are a large number of ASX stocks to choose from in the Australian equity market.
Five that are highly rated are listed below. Here’s why these ASX stocks are flagged as buys:
Altium is the printed circuit board (PCB) design software provider behind the cloud-based Altium Designer and Altium 365 platforms. Since PCBs are found inside almost all electronic devices, society has benefited greatly from the proliferation of electronic devices due to the Internet of Things and artificial intelligence markets.
Morgan Stanley analysts expect this to continue. They are overweighted and have a target price of $ 40.00 on the shares of the company. The broker appears confident about the company’s long-term growth prospects.
Appen provides and prepares the data that goes into artificial intelligence and machine learning models. This includes some of the biggest tech companies in the world. Given the growing importance of artificial intelligence to businesses and governments, the company has been geared towards strong growth during the 2020s.
A note from Macquarie reveals that its analysts have an outperformance rating and a price target of $ 43.00 on the company’s shares. The broker believes that Appen will benefit greatly from the increased spending on artificial intelligence.
IDP Education is a provider of international student placement and English testing services. Although it has been hit extremely hard by the pandemic, it has been tipped to emerge from the crisis in an even stronger position in the market. This could make him a big winner when a COVID-19 vaccine is released.
Earlier this month, analysts at Morgans reiterated their additional rating and raised the company’s stock price target to $ 25.09. They believe the company is well positioned for growth once business conditions return to normal.
NEXTDC is a leading data center operator benefiting from the growing amount of data generated by consumers and businesses. This was particularly the case during the pandemic, when the move to the cloud resulted in increased demand for data center capacity.
Goldman Sachs is a particularly bullish broker because of this growing demand. He recently reiterated his buy rating and his target price of $ 13.20 on the company’s shares. He even suggested that the NEXTDC stock price could be worth more than $ 20.00 based on high but not unrealistic assumptions.
Pushpay is a rapidly growing donor management and community engagement platform provider for the religious sector. This year it has performed exceptionally well and recently reported a 48% increase in total processing volume to US $ 3.2 billion and a 53% increase in operating revenue to US $ 85.6 million. for the first half of fiscal 2021. Management’s long-term revenue target of US $ 1 billion.
Goldman Sachs analysts have a buy-by-conviction rating and a target price of $ 10.35 on its shares. The broker notes that Pushpay’s platform is starting to demonstrate sticky qualities and is well positioned for growth.
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James Mickleboro owns shares of NEXTDC Limited. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns stock and recommends Altium. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns shares of Appen Ltd, Idp Education Pty Ltd and PUSHPAY FPO NZX. The Motley Fool Australia recommended PUSHPAY FPO NZX. We fools may not all have the same opinions, but we all believe that considering a diverse range of information makes us better investors. The Motley Fool has a disclosure policy. This article only contains general investment advice (under AFSL 400691). Authorized by Scott Phillips.