Looking for new portfolio additions but can't decide which ASX shares to buy?
To narrow things down, let's take a look at three shares that Morgans recently recommended to clients. They are as follows:
Guzman Y Gomez Ltd (ASX: GYG)
Morgans see a lot of value in this quick service restaurant operator's shares at current levels. It has a buy rating and $32.30 price target on them, which implies potential upside of over 30%.
The broker was pleased with its latest limited time offer and feels that it could support the company's margins given that it uses existing ingredients. It explains:
GYG has launched its latest limited-time offer (LTO): the BBQ Chicken Double Crunch (BBQ CDC). Early feedback suggests the item is one of GYG's more indulgent menu items and taste tests have been overwhelmingly positive. The product leverages existing ingredients, meaning no incremental complexity or cost for stores, a margin-friendly innovation that aligns with GYG's operational discipline. Management has repeatedly emphasised that menu innovation is a key lever for same-store sales (SSS) growth, and this launch reinforces that commitment. We reiterate our BUY rating.
South32 Ltd (ASX: S32)
Another ASX share that Morgans is recommending to clients is diversified miner South32. The broker has a buy rating and $5.00 price target on its shares, which suggests that upside of 11% is possible in 2026.
Morgans was pleased with the company's performance during the second quarter and believes it is well-placed to benefit from strong commodity prices. It said:
2Q26 was a modest beat at a group level operationally. Supported by strong alumina and silver output. FY26 guidance on operated assets unchanged, Brazil Aluminium under review. We have applied updated house precious metal forecasts to our estimates. Post-Illawarra divestment, S32 is ~90% base metal producer with limited execution risk (ex-Hermosa) and enjoying a healthy (and material) upgrade cycle from copper, aluminium and silver prices. Positioned to benefit from the upcycle, we maintain our BUY rating with a A$5.00 Target Price (was A$4.30).
WiseTech Global Ltd (ASX: WTC)
A final ASX share that has been given the thumbs up by analysts at Morgans is WiseTech Global.
The broker has a buy rating and $112.50 price target on the logistics solutions technology company's shares. This implies potential upside of over 75% for investors over the next 12 months.
It was pleased with the company's investor day event late last year and remains confident in its growth outlook. Morgans said:
WTC's FY25 investor day highlighted the group's progress and broader outlook for a number of key near to medium-term growth initiatives, which in our view continues to see the group in a solid position to drive value. We retain our BUY rating, with a revised PT of $112.50ps.
