Morgans says investors should accumulate these ASX shares

The broker has positive things to say about these shares.

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Key points

  • A prominent copper miner is set to benefit from rising copper prices, with Morgans maintaining an accumulate rating and setting a new price target due to improved operations and potential asset sales.
  • A global mining tech leader is expected to thrive amid increased exploration spending, justifying its high valuation; Morgans upgrades its rating to accumulate with a significant price target.
  • A leading building materials company is recommended for accumulation as it demonstrates resilient demand and an improved outlook, despite market uncertainties and governance issues, with a strong price target.

There are a lot of ASX shares out there for investors to choose from.

To narrow things down, let's take a look at three shares that analysts at Morgans have put accumulate ratings on. They are as follows:

Capstone Copper Corp (ASX: CSC)

This copper miner is well-placed to benefit from rising copper prices according to Morgans.

And while it has taken its buy rating off the miner, it still thinks investors should accumulate its shares has put a new price target of $16.00 on them. It explains:

Copper prices are up +11.5% in the last month and CSC, in our view, remains the most leveraged to further price upside. Operations at Mantoverde and Pinto Valley are recovering from 3Q25 interruptions. A partial asset sell down at Santo Domingo is imminent. Higher near-term copper prices and a revised blended valuation lifts our Target Price to A$16.00ps (previously A$12.10ps). Move to an ACCUMULATE rating (previously BUY).

Imdex Ltd (ASX: IMD)

This global mining tech leader is another ASX share to look at according to the broker. It highlights that Imdex should benefit from record levels of exploration spending in the mining sector for junior miners.

Morgans has upgraded its shares to an accumulate rating with an improved price target of $3.80.

Commenting on the company's outlook, the broker said:

Since the FY26 result, capital markets activity for junior miners – the key lead indicator for exploration spend – has accelerated to unprecedented levels. Though IMD is facing intense competition in sensors (Axis) and fluids (various private players), our raisings data suggests that FY26 consensus revenue growth of +10% is too low. Our data indicates that ALQ's geochemistry volumes, for which IMD's sensors have historically had a 95% correlation (IMD no longer discloses sensor volumes consistently), will be around +20-30% for the December half and the exit rate is closer to +30-40%.

And while its shares trade on high earnings multiples, the broker feels this is justified given its growth potential. It adds:

For IMD, we assume +16% revenue growth in FY26 to account for competition. At NPAT, we increase our forecasts by +3% in FY26 and +7-9% in each of FY27-28. Our target price rises to $3.80 (from $3.45) which represents 30x PE (FY26 adjusted EPS). We note this is a peak historical multiple but is still a PEG of 1x as we forecast ~30% EPS growth. Upgrade to Accumulate.

James Hardie Industries plc (ASX: JHX)

Finally, Morgans reckons investors should accumulate this building materials company's shares and has put a $38.50 price target on them.

It was pleased with its quarterly update and improving outlook. Though, it concedes that there is some uncertainty in the housing market and concerns over corporate governance. The broker explains:

JHX materially beat its prior 2QFY25 forecasts (released 20-Aug-25), as demand proved more resilient, destocking less material and the outlook incrementally better. So, whilst the outlook for new construction remains challenging and deck, rail and accessories enter a seasonal slow period, today's announcement gives some indication the business may be approaching a cyclical low. It also suggests that the FY26 LTIs may prove to be a low hurdle.

Whilst the outlook has incrementally improved, JHX continues to navigate an uncertain housing market, while investor concerns around corporate governance remain largely unresolved. To this end, we retain our ACCUMULATE recommendation with a $38.50/sh price target.

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 positions in and has recommended Imdex. 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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