The team at Morgans has released new analysis on two ASX small-cap stocks.
Small-cap stocks can offer investors greater growth prospects compared to established blue-chip options.
With that in mind, here are two with "accumulate" ratings from Morgans.
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Wagners Holding Company Limited (ASX: WGN)
Wagners Holding Company Limited (ASX: WGN) is a diversified Australian construction materials and services provider and an innovative producer of New Generation Building Materials.
The Wagners share price has increased by 120.57% in 2025.
The team at Morgans has highlighted the opportunity for the business and construction materials demand across South East Queensland (SEQ). This is particularly relevant in the lead up to the 2032 Olympics.
The level of underlying demand, along with the anticipated contribution from Olympics, has WGN well positioned for future project wins.
The team stated that, based on the additional market data and considering the current share price, there is cause for optimism in the lead-up to the 14-Nov AGM.
On this basis, Morgans has upgraded this ASX small-cap stock to accumulate with a $3.10 price target.
Today, shares are trading at $3.11 each.
MAAS Group Holdings Limited (ASX: MGH)
MAAS Group Holdings Ltd (ASX: MGH) is an Australian construction materials, equipment, and services provider.
In a note from the broker yesterday, it stated that while FY26 guidance fell short of VA Consensus expectations, the outlook from management was positive.
MGH noted margin pressure in the civil construction and hire segment, while the electrical and transmission business is ramping up and expected to play a larger role in future earnings.
The group's project pipeline is strong, with no reported delays, and guidance reflects the project type and timing rather than weaknesses.
The broker has retained its price target of $5.45 with an accumulate rating.
Based on today's share price of $4.49, the price target from Morgans indicates an upside of 21.38% for this ASX small-cap stock.
