The S&P/ASX 200 (XJO) index opened 10 points higher at 7,440 points on Wednesday. The index ended the day at 7,352 points, down by 1.06%.
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The financial sector was down after the governor of the Reserve Bank of Australia, Philip Lowe, quoted inflation as remaining “too high.” He also hinted towards another interest rate hike as the inflation rate of 7.8% touched a 32-year high in the fourth quarter of 2022.
The experts forecast the interest rate to reach 4.2% from 3.6% with three more rounds of hikes.
Talking about the stocks, the banking and mining companies posted a mixed session.
Using the TipRanks Daily Analyst Rating tool, we have shortlisted three stocks from the ASX that investors could Buy today. Analysts predict further upside in their stock prices and have reiterated their Buy rating on them today.
Let’s have a look at these stocks.
Seven West Media Limited (AU:SWM)
The diversified media company, Seven West Media has a total of six ratings on TipRanks. Today, four analysts have reiterated their ratings on the SWM stock. Among them, Lucy Huang from UBS and Entcho Raykovski from Credit Suisse have rated the stock as Buy. Both of them have a target price of AU$0.80, suggesting a huge upside of 88%.
The average target price based on six ratings is AU$0.60.
Temple & Webster Group Ltd (AU:TPW)
Temple & Webster is a leading retail company in Australia, dealing in furniture and other home products. TPW stock has an average target price of AU$6.00, suggesting an upside of 71.2% on the current price level.
Today, Morgan Stanley’s analyst Joseph Michael has maintained his Buy rating on the stock at a target price of AU$6.5, which is 85.71% higher than the current price. The stock also received one Sell and Two Hold recommendations today.
Computershare Limited (AU:CPU)
The corporate services company Computershare has a total of seven ratings on TipRanks. Nigel Pittaway from Citigroup has today reiterated his Buy rating on the CPU stock. He has a target price of AU$31.0, which has an upside potential of 31.1%.
Overall, the stock has a Strong Buy rating based on six Buy recommendations. The average target price is AU$28.61.
