S&P/ASX All Ords Index (ASX: XAO) shares are up 0.069% to 8,832.5 points on Tuesday.
In a series of new notes, top broker Morgans has revealed a buy rating on four ASX All Ords shares from different market sectors.
Two of them may surprise you after the companies were in the news recently for negative reasons, causing their stock prices to plunge.
The broker explains its ratings below.
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ASX All Ords shares recommended by top broker
Monash IVF Ltd (ASX: MVF)
The Monash IVF share price is down 0.67% to 74 cents on Tuesday.
The ASX All Ords healthcare share is down 43% over the past 12 months.
Monash IVF was in the news recently due to a second patient receiving the wrong embryo.
As we reported, the Monash IVF share price fell heavily as a result.
Morgans has now updated its earnings assumptions for Monash IVF "to capture further market share loss".
The broker commented:
Despite earnings uncertainty, we think MVF's current valuation makes it a compelling takeover candidate for acquirers seeking scale in a structurally growing sector, with it trading at roughly half the multiple of recent industry transactions.
We have lowered our FY26/27 forecasts driven by greater market share loss assumptions.
Morgans has maintained its speculative buy rating on Monash IVF with a 12-month share price target of $1.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's Pizza share price is 2.16% higher at $18.41 today.
The ASX All Ords consumer discretionary share has lost 47% of its value over the past 12 months.
Last week, Domino's Pizza shares lost a quarter of their market value in one day on news of the CEO's exit.
Mark van Dyck is less than a year into the job but plans to leave on 23 December. He has already stood aside as a director.
Domino's chair and largest shareholder, Jack Cowin, has taken over while the company commences an international search for a new CEO.
Cowin conducted an investor call last week, attended by Morgans.
The broker was "incrementally more positive on the stock" after Cowin inspired confidence that the company's turnaround would continue.
Morgans said:
Whilst management and execution uncertainty does remain, we think the risk reward looks attractive from here.
As DMP proves up a cost-led earnings growth profile into FY26, we expect a meaningful rerate in time.
The broker has retained its buy rating on Domino's shares.
2 more ASX All Ords shares that Morgans likes….
Polynovo Ltd (ASX: PNV)
The Polynovo share price is up 0.86% to $1.18 at the time of writing.
The ASX All Ords biotech share is down 50% over the past 12 months.
Morgans said:
We have updated our PNV forecasts ahead of the FY25 result.
We have made no changes to our FY25 forecasts; however, our gross margin has decreased, and regulatory and new market development costs have increased in FY26 and FY27.
As a result, our DCF valuation has decreased to A$2.11 (was A$2.25), although the discount applied to the valuation has reduced to 20% from 25%, leaving our target price unchanged at $1.69.
Morgans has maintained its speculative buy rating with a price target of $1.69.
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway Waste Management share price is down 1.06% to $2.79.
The ASX All Ords industrials share is up 3% over the past year.
Morgans has updated its forecasts for Cleanaway, given the company has received earlier-than-expected approval of an acquisition.
The Australian Competition and Consumer Commission has approved Cleanaway's purchase of Contract Resources.
Cleanaway now expects to complete the transaction on 31 July.
The broker commented:
The earlier completion benefits our FY26F Revenue/EBITDA/EBIT by 3%/2%/1% but has no impact on PBT given the assumed additional interest costs from earlier funding of the acquisition.
Morgans has maintained its accumulate rating on this ASX All Ords share and lifted its price target to $3.12.
