The team at Morgans has been busy this month updating its recommendations
Three ASX shares that have just been upgraded to buy ratings are listed below. Here's why it has become bullish on them:
GemLife Communities Group (ASX: GLF)
Morgans has turned more positive on this retirement living company following a period of share price weakness.
This has seen the broker upgrade its shares to a buy rating with a $5.66 price target. It said:
The recent share price weakness looks overdone in our view. We have used the pullback as an opportunity to reassess key assumptions (ASP, settlement volumes, home build margins and gearing) in the context of the Iran conflict, a higher rate outlook, softer auction clearance rates and renewed cost inflation concerns. Ultimately, we remain enthused and our investment thesis is unchanged. We take the opportunity to upgrade our ACCUMULATE recommendation to BUY.
Judo Capital Holdings Ltd (ASX: JDO)
Another ASX share that has been upgraded by analysts at Morgans is small business lender Judo Capital.
Morgans has upgraded Judo Capital's shares to a buy rating and estimates a potential return of almost 50% over the next 12 months. It said:
JDO provided a 3Q26 trading update, which included reaffirming its FY26 earnings guidance range albeit now expected to be at the bottom end of the range given it conservatively topped up its expected loan loss provision. We view JDO's recent share price weakness as a buying opportunity for a stock with high growth potential, increasing the margin of safety for the investment. Upgrade from ACCUMULATE to BUY. Potential TSR at current prices is c.49%.
Regis Resources Ltd (ASX: RRL)
A third ASX share that Morgans has upgraded is gold miner Regis Resources.
In response to a strong quarterly update and recent pullback in its share price, Morgans has upgraded its shares to a buy rating with a $10.07 price target. It said:
Gold sales of 89.1koz at an AISC of A$2,807 beat our expectations whilst performing in line with company guidance, delivering revenue of A$622m at an average realised price of A$6,977/oz. 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.
The post 3 ASX shares upgraded by Morgans to buy ratings appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro 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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