Not sure which ASX shares to buy or sell? Well, to help narrow things down, let's take a look at a few recommendations that Morgans has recently made.
Is it bullish or bearish on these names? Let's find out:
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Commonwealth Bank of Australia (ASX: CBA)
Morgans agrees with almost every broker out there and rates Australia's largest bank as a sell with a $100.85 price target. This sell rating is due to valuation reasons and the prospect of CBA shares underperforming in the near term. It explains:
There was no material positive surprise to underwrite CBA's share price strength. 12 month target price lifted 4% to $100.85. We remain SELL rated on CBA, recommending clients aggressively reduce overweight positions given the risk of poor future investment returns arising from the overvalued share price and mid-single digit EPS/DPS growth outlook.
Treasury Wine Estates Ltd (ASX: TWE)
Instead of CBA, the broker thinks that wine giant Treasury Wine Estates could be an ASX share to buy. It has a buy rating and $10.10 price target on its shares.
It feels that its shares are cheap at current levels. Morgans explains:
TWE's FY25 result was in line with guidance, reporting a credible 17% growth in EBITS during a period of macro-economic and category headwinds. TWE is targeting further EBITS growth in FY26, led by Penfolds. We have made modest changes to our forecasts reflecting the disruption associated with a change of distributor in California. While lacking near term share price catalysts given industry and macro headwinds and a CEO transition, trading on an FY26F PE of only 12.7x, we maintain a BUY rating. A$200m share buyback should provide some degree of share price support.
Universal Store Holdings Ltd (ASX: UNI)
Finally, this youth fashion retailer could be an ASX share to buy instead of CBA shares according to Morgans. It has a buy rating with a $10.80 price target on its shares.
It is very positive on its outlook after a strong start to FY 2026. The broker commented:
UNI's FY25 result was slightly below expectations driven by higher costs which offset stronger than expected gross margins. UNI's execution in a tough market has been exemplary, with LFL Universal Store (US) sales up 13%. The strong sales momentum has continued into the start of FY26, despite significantly harder comps, double digit LFL sales in US and Perfect Stranger (PS). We have increased our FY26/27 EBIT forecasts by 1.7%/1.8% respectively driven by higher sales and gross margins, somewhat offset by higher costs. Our valuation increases to $10.80 (from $10.20) and we retain our BUY recommendation.
