ASX materials shares have been a bright spot for the ASX in 2026.
In fact, the S&P/ASX 200 Materials Index (ASX: XMJ) is up over 10% year to date.
For context, the S&P/ASX 200 Index (ASX: XJO) is up less than 1% year to date.
This morning, the team at Morgans have updated their outlook on three ASX materials stocks.
Let's see what the broker had to say.
Newmont Corp (ASX: NEM)
Newmont Corp. engages in the exploration and acquisition of gold properties, containing copper, silver, lead, zinc or other metals.
The ASX materials company released its quarterly report last Friday.
Morgans said the company delivered a strong beat across multiple operating and financial metrics, while completing its US$6bn buyback and announcing a further US$6bn program.
The result reinforces NEM's positioning as a high-quality, cash-generative gold producer with strong balance sheet flexibility and increasing capacity to return capital to shareholders.
The broker has maintained its buy recommendation along with a $208 price target.
From today's opening price of roughly $155.59, this price target indicates a potential upside of 34%.
Year to date it has hovered around a similar price, and is up approximately 3% in that span.
Regis Resources Ltd (ASX: RRL)
Regis Resources also released a quarterly report late last week.
The gold production and exploration company reported sales for the quarter that beat Morgan's expectations whilst performing in line with company guidance.
RRL continues to build a substantial cash balance, adding an additional A$198m bringing the total to A$1.12bn. Replenished ounces with group MRE exceeding 10% yoy resource growth underpinning future production.
We upgrade to BUY (from HOLD) following recent weakness across the gold sector which we believe has uncovered value in RRL underpinned by attractive immediate term cash generation paired with a structured capital management framework.
Sandfire Resources Ltd (ASX: SFR)
This ASX materials stock is a global mineral exploration and development company, largely focused on copper.
Its stock price is down 5% year to date.
It also released a quarterly report last week.
Morgans noted that 3Q26 production weakness was pre-flagged and driven by grade timing and weather impacts, with improving throughput at MATSA and grade uplift at Motheo to support a strong 4Q26 finish.
Costs remain well controlled but risks are building through potential Middle East conflict impacts. Move to an ACCUMULATE (previously HOLD) rating with an unchanged A$20.40ps target price, with recent weakness presenting a more attractive entry point against a constructive copper outlook.
The post Are these ASX materials stocks a buy, hold or sell according to Morgans? appeared first on The Motley Fool Australia.
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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