Many of Australia's top brokers have been busy adjusting their financial models and recommendations again. This has led to the release of a number of broker notes this week.

Three ASX shares that brokers have named as buys this week are listed below. Here's why their analysts are feeling bullish on them right now:

DroneShield Ltd (ASX: DRO)

According to a note out of Shaw and Partners, its analysts have retained their buy rating on this counter drone technology company's shares with a reduced price target of 90 cents. This follows the release of a quarterly update which fell short of the broker's expectations. However, Shaw and Partners believes this was driven by a change of government in the United States causing delays to tenders being awarded. In light of this, the broker remains very positive on DroneShield and sees a lot of value in its shares at current levels. The DroneShield share price is trading at 65 cents on Wednesday.

Nufarm Ltd (ASX: NUF)

A note out of Bell Potter reveals that its analysts have upgraded this agricultural chemicals company's shares to a buy rating with an improved price target of $4.35. The broker made the move following the release of a solid trading update at the company's annual general meeting. Bell Potter also highlights that its upgrade was predicated on Nufarm's discount to global peers, which has widened in recent months, a bottoming trend in export values ex-China reversing some of the pricing headwinds of FY 2024, and the cycling of softer year on year comparison. It also feels that the market is pricing little value on Nufarm's Beyond yield initiatives. The Nufarm share price is fetching $3.82 at the time of writing.

Steadfast Group Ltd (ASX: SDF)

Analysts at Goldman Sachs have upgraded this insurance brokerage company's shares to a buy rating with an unchanged price target of $6.50. Goldman made the move on valuation ground, noting that Steadfast looks relatively cheap versus global peers which are facing similar rate dynamics. The broker feels this limits downside risk for investors. And while it acknowledges that Steadfast could see further premium rate moderation, it thinks these risks and strategic shifts are manageable and likely reflected in its valuation. Furthermore, it highlights that the company offers defensive earnings streams (and EPS growth), which it feels should support its valuation and share price. The Steadfast share price is trading at $5.79 on Wednesday morning.