Global Markets

ASX Market Update, 3/9/2023 – Three Stocks to Buy Today

The ASX 200 index mostly traded flat on Thursday and closed at 7,311. Yesterday, the index was down 0.8% and ended at 7,307.8 points.

On Tuesday, the Reserve Bank of Australia (RBA) raised its interest rate by 25 basis, points to 3.6%. This was the 10th rate hike by the RBA, which is not at the highest level in the last 10 years.

The governor, Philip Lowe, commented, “The board expects that further tightening of monetary policy will be needed to ensure that inflation returns to target and that this period of high inflation is only temporary.”

Today also saw a lot of ASX 200 companies trading ex-dividend for their next payments. Some of these stocks are ASX Limited (AU:ASX), BHP Group Ltd. (AU:BHP), Mineral Resources Ltd. (AU:MIN), Rio Tinto Ltd. (AU:RIO), etc.

Using the Daily Analyst Rating tool, we have screened three stocks that were rated as Buy yesterday. These stocks could be a good option for investors looking to diversify in the Australian market.

Qantas Airways Limited (AU:QAN)

Airline company Qantas Airways has a Strong Buy rating on TipRanks based on seven Buy and two Hold recommendations.

Yesterday, J.P. Morgan analyst Anthony Longo reiterated his Buy rating on the stock. His target price of AU$9 suggests an upside of more than 30% from the current price. He has a success rate of 80% on the stock at an average return of 10.7%.

The average target price for QAN stock is AU$7.7, which is 13% higher than the current level.

Whitehaven Coal Limited (AU:WHC)

Coal mining company Whitehaven has a total of eight ratings on TipRanks, out of which six are Buy.

Yesterday, five-star-rated analyst Paul McTaggart from Citigroup reconfirmed his Buy rating on the WHC stock. He lowered his target price from AU$9.25 to AU$9.0, which now has a 20% upside. McTaggart has a 100% success rate on the stock.

Overall, the stock has been trading up by more than 90% in the last year, driven by higher coal prices.

Pilbara Minerals Limited (AU:PLS)

Pilbara Minerals has wide coverage with 12 ratings on TipRanks. PLS stock has a Moderate Buy rating with six Buy recommendations.

Citigroup analyst Kate McCutcheon reiterated her Buy rating on the stock yesterday. Her target price of AU$4.8 represents a change of 12.6% from the current price.

Pilbara is an Australian company engaged in the mining of lithium and tantalite.


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