As earnings season continues, brokers are adjusting their outlooks on ASX shares based on results.
Here are three fresh ratings from the team out of Morgans.
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Brambles Ltd (ASX: BXB)
Brambles is the world's largest supplier of reusable wooden pallets and crates used for storing and transporting goods.
According to Morgans, the company's 1H26 earnings were better than expected, driven by supply chain and productivity improvements.
The broker also said management has adjusted FY26 revenue growth guidance to between 3-4% (vs 3-5% previously) with underlying EBIT growth guidance maintained at between 8-11%.
Free cash flow (before dividends) is now expected to be between US$950-$1100m (vs between US$850-950m previously) due mainly to lower pallet purchases.
Based on this guidance, Morgans adjusted FY26/27/28F underlying EBIT by +2%/+1%/+0%.
Our target price rises to $27.00 (from $25.70) and we move our rating to ACCUMULATE (from HOLD). Following another solid result, we believe BXB is well positioned to deliver earnings growth through continued conversion of white-wood pallets to pooling and further margin improvement driven by ongoing operational efficiencies, including enhanced use of its digital and data capabilities.
From yesterday's closing price, this target indicates an upside of roughly 10%.
PWR Holdings Ltd (ASX: PWH)
PWR Holdings is a designer, manufacturer, and supplier of cooling solutions for motorsports and the performance automotive industry.
According to Morgans, the 1H26 result was above expectations, driven by strong growth in Motorsports (new Formula 1 regulations) and Aerospace & Defence (delivery of most of a US government contract).
Our target price increases to $11.15 (from $8.50) due to a roll-forward of our model to FY27 forecasts. We continue to view PWH as a high-quality business, supported by a strong balance sheet, an experienced management team, and access to large addressable markets that offer significant growth potential. With the disruption from relocating to the new Australian manufacturing facility now behind it, we believe PWH is well positioned to embark on its next phase of growth.
Morgans maintained its accumulate rating on these ASX shares.
From yesterday's closing price of $9.75, there is a potential upside of 14.36%.
MoneyMe Ltd (ASX: MME)
MoneyMe is a digital consumer credit business. The company touts its technology and AI as offering financial solutions targeted at younger people.
MME's 1H26 was broadly per expectations, achieving gross revenue of ~A$117m, on a gross loan book of ~A$1.75bn. Momentum seen in originations growth (+18% to A$536m) continues to augur well for 2H26, and we expect MME to maintain a balance between profitability and growth as it seeks to benefit from scale.
Our price target remains unchanged at A$0.21 and we maintain our Speculative Buy recommendation.
From yesterday's closing price of $0.115, Morgans sees an upside potential of 82.6% for these ASX shares.
