The team at Morgans has been busy running the rule over a number of ASX shares this week following the release of updates.
Let's take a closer look at three and see if the broker rates them as buys, holds, or sells. Here's what you need to know:
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A2 Milk Company Ltd (ASX: A2M)
This infant formula company delivered a stronger than expected half-year result this week. In addition, Morgans notes that management has upgraded its FY 2026 guidance again.
While the broker is a fan of A2 Milk, it thinks its shares are fairly valued now. As a result, it has put a hold rating and $9.50 price target on them. It said:
A2M's 1H26 result was stronger than expected. The beat for us reflected stronger than expected Other Nutritionals and Liquid Milk sales. FY26 guidance was upgraded once again. NPAT growth should accelerate in FY27 given A2 Pokeno is expected to breakeven and new China label (CL) IF products will be launched. While we rate the company and its management team highly, we believe that the stock is trading on fair multiples (FY27 PE of 29.3x and PEG of 1.9x). We maintain a Hold rating with a new price target of A$9.50 (previously $9.40).
Capstone Copper Corp (ASX: CSC)
This copper miner disappointed with its production guidance earlier this week. It notes that its production volumes were softer than expected and its costs were higher.
Nevertheless, the broker remains positive and sees plenty of value in Capstone shares. This has seen Morgans retain its buy rating with a trimmed price target of $16.60. It said:
CY26 production guidance is well below expectations with higher costs and capex reflecting lower grades at Pinto Valley and Mantos Blancos, and strike and tie-in impacts at Mantoverde driving likely near-term earnings revisions. CY26 headwinds are largely sequencing and one-off in nature, with MV-O ramp-up and higher grades positioning CSC for volume growth and lower unit costs from CY27 onward. Maintain BUY with a A$16.60ps target price (previously A$17.40).
Judo Capital Holdings Ltd (ASX: JDO)
Finally, Morgans has downgraded this small business lender's shares to an accumulate rating (from buy) with a $2.09 price target. The broker made the move on valuation grounds following a sizeable rise in the Judo share price in response to a strong half-year result. It said:
Strong 1H26 profit growth provided evidence of improving operating leverage. Forecast NPAT changes across FY26-28F are within +3% to -4% on a mildly higher revenue and costs scenario than previously assumed. 12 month target price lifted to $2.09/sh mostly on valuation roll-forward. Rating moved down from BUY to ACCUMULATE given recent share price strength.
