The team at Morgans has been busy running the rule over a number of recent updates.
Three that have come out with buy ratings are named below. Here's why the broker is bullish on these names:
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Catalyst Metals Ltd (ASX: CYL)
This gold miner could be worth considering right now according to Morgans.
Although its first quarter update was softer than it was expecting, it remains positive. Especially given how it believes that the company can still achieve its guidance in FY 2026. It said:
CYL delivered a softer than expected operating result for 1Q, driven predominantly mill maintenance, an isolated event. CYL reiterated its FY26 guidance despite 1Q unit costs being outside of stated parameters – we think guidance is still within reach and maintain our preference for CYL within the ~100kozpa producer peer group (CYL, PNR, OBM).
Following the result, we have raised our FY26 capex forecast to A$336m (from A$231m) to reflect updated exploration and non-essential growth capital requirements, primarily relating to the Four Eagles exploration drive (Victoria) and continued development at Plutonic. We reiterate our BUY rating, with a price target of A$10.58ps (previously A$11.00ps).
CSL Ltd (ASX: CSL)
Another ASX 200 share that Morgans remains positive on despite providing a softer than expected update is biotech giant CSL.
While it concedes that its performance has been disappointing, it feels that the selloff has been overdone and left CSL's shares trading on unjustifiably low multiples. It said:
Despite the majority of the business "tracking to plan", FY26 cc guidance had been downgraded (2-3% at revenue and NPATA mid-points), mainly reflecting continued declines in US influenza vaccination rates, although Chinese government cost containment affecting albumin demand was also flagged. While management is confident it can limit the impact of the latter to 1HFY26 via mitigation measures, ongoing uncertainty in the US influenza vaccine market has seen FY27-28 NPATA growth expectations moderate (to HSD from DD) and delay the demerger of Seqirus (prior FY26).
Although it remains challenging to know when US influenza vaccination rates will stabilise, we believe the risk of a permanently lower base is being over-priced, with Seqirus and Vifor marked down, with even Behring trading below peers and well under its long-term average, which we see as unjustified. We lower FY26-28 net profit forecasts by up to 14.3%, with our PT decreasing to A$249.51 (from A$293.83). BUY.
Light & Wonder Inc. (ASX: LNW)
One ASX 200 share that impressed during the last quarter is gaming technology company Light & Wonder.
Morgans highlights that its third quarter update was strong and positions it to deliver on its guidance in FY 2025. It said:
Light & Wonder's (NDAQ/ASX: LNW) strong 3Q25 result was met with a well-deserved positive reaction, alleviating market concerns around FY25 guidance delivery with a much more achievable 4Q25 implied outlook. Given the imminent NASDAQ delisting, the timing of this beat positions the company exceptionally well heading into FY26.
LNW delivered record margin expansion across all three segments, with iGaming operating leverage the standout performer, while land-based margins surprised on favourable product mix as Grover scales and premium installed base momentum continues. Our FY25-26F estimates remain largely unchanged. We rate LNW a BUY recommendation, A$175 12-month target price.
