Are you looking for some ASX shares to buy for your portfolio?
If you are, then it could be worth checking out the three listed below that Morgans is positive on.
Here's what the broker is saying about these ASX shares.
Accent Group Ltd (ASX: AX1)
This footwear retailer could be an ASX share to buy according to analysts at Morgans. Following the release of its FY 2023 results, the broker upgraded its shares to an add rating with an improved price target of $2.40.
Following a stronger-than-expected result, the broker has boosted its near-term earnings estimates. It said:
In our opinion, AX1 reported an excellent FY23 result. Earnings were ahead of our forecasts, driven by strong sales growth and better than forecast cost management. We have increased our NPAT forecasts by 7% in FY24 and 6% in FY25.
Pilbara Minerals Ltd (ASX: PLS)
Morgans thinks that this ASX lithium share would be a top option right now. The broker has responded to its FY 2023 results by retaining its add rating with a trimmed price target of $5.60.
Its analysts feel concerns over the lithium miner's capital expenditure plans are unwarranted and that post-results weakness has created a buying opportunity. It said:
PLS reported a record $2.4bn profit (+326% YoY) and production guidance for FY24 was largely in-line with consensus. Nevertheless the share price fell 8% with guidance for capital expenditure ~40% more than expectations. We think this reaction is overblown given that ~$180m of the guided growth capital will support the next expansion to 1Mtpa capacity. The company's ROIC is expected to remain well above its WACC for the foreseeable future.
Wesfarmers Ltd (ASX: WES)
Finally, this conglomerate could be an ASX share to buy right now according to Morgans. However, it is worth noting that a recent rally means that its shares are now approaching the broker's price target of $55.15. It commented:
WES's FY23 result was marginally above our forecasts and in line with Bloomberg consensus. Key positives: Kmart Group and Officeworks earnings were ahead of our forecasts; Operating cash flow was up 82%; FY23 DPS of 191cps was comfortably above our forecast (179cps) and Bloomberg consensus (184.5cps).
