ASX small-cap stocks can come with more volatility than blue-chip companies.
However, these three ASX small-caps have drawn buy recommendations from brokers, along with price targets suggesting they could double in 12 months.
For investors considering exposure to ASX small-caps, they may appeal.
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Medallion Metals Ltd (ASX: MM8)
Medallion Metals is a minerals exploration company based in Perth, Western Australia. To the north, it has the Ravensthorpe Gold Project, comprising mineral rights yielding amounts of high-grade gold and copper. To the south, the Jerdacuttup Project is prospective for base and precious metals.
It has already rocketed 200% higher in the last year.
Morgans is bullish this ASX small-cap can continue to grow.
In a recent note out of the broker, Morgans said the company is now fully funded, supported by a US$50m offtake-linked financing facility with commodity trader Trafigura, removing a key development overhang.
We maintain our SPECULATIVE BUY rating, with a price target of A$0.87ps (previously A$0.61ps).
From yesterday's closing price of $0.42, this updated price target indicates an upside of approximately 107%.
Qoria Ltd (ASX: QOR)
Qoria is a leading global provider of cyber safety products and services.
The ASX small-cap released its 1HFY26 result on Thursday.
In response, the team at Bell Potter downgraded its price target to $0.60.
However, it maintained its buy recommendation, and projects 100% upside for the stock price based on yesterday's closing price of $0.30.
We have reduced the multiple we apply in the EV/Revenue valuation from 6x to 4.5x given the sell-off in the tech sector since we last updated the target price in January.
There is, however, no change in the 9.1% WACC we apply in the DCF. The net result is a 20% reduction in our TP to $0.60 which is still double the share price so we maintain our BUY recommendation.
Trajan Group Holdings Ltd (ASX: TRJ)
Trajan is a developer and manufacturer of analytical science instruments, devices and solutions, focusing on accessing specialist skills and capabilities that improve the analytical workflow of the global life sciences industry.
The company released its 1H26 result on Thursday.
Speaking on the results, the team at Bell Potter said:
TRJ's 1H26 result was a tale of two discrete quarters. Q1 was impacted by a combination of a slowdown in the Pharma and Food sectors, the US Government funding freeze, and the impact of US tariffs and operational reconfiguration to adjust to the tariff environment. Q2 saw a material recovery due to a pick-up in the Pharma sector and the resumption of US Government funding to the health sector. This resulted in record revenue in Q2 at c.$45.4m and nEBITDA of c.$4.5m.
The broker reduced its price target to $1.050 as a result, and maintained its buy recommendation.
From yesterday's closing price of $0.565, this indicates an upside of 85.8% for this ASX small-cap.
