If you have a higher than average tolerance for risk, then it could be worth hearing what Morgans has to say about the small-cap ASX shares in this article.
Here's why the broker currently rates them as buys:
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Airtasker Ltd (ASX: ART)
Morgans was pleased with this small jobs marketplace provider's performance in the first half of FY 2026. It notes that the company delivered double-digit revenue growth thanks to solid performances at home and overseas.
In response, the broker has retained its buy rating with a trimmed price target of 51 cents. It said:
It was a resilient 1H26 result for Airtasker, delivering ~13.5% group revenue growth to ~A$29m. Its established marketplaces saw EBITDA growth of ~11% to ~A$15m. Domestic metrics appear sound (e.g. uptick in booked tasks and brand salience), and we remain pleased with the momentum seen in ART's offshore marketplace build-out (UK/US revenue +85% and 380% on the pcp respectively).
We make minor adjustments to our topline forecasts (details below), we also include the additional $5m cash marketing costs into our 2H numbers along with the recent capital raise. Our price target is lowered to A$0.51. Buy maintained.
Epiminder Ltd (ASX: EPI)
Another small-cap ASX share that has been given the thumbs up by Morgans is Epiminder.
Morgans notes that there were no surprises with its half-year results, with everything in line with expectations. As a result, the broker has reaffirmed its speculative buy rating and $2.33 price target on its shares. It said:
Debut 1HFY26 results held no material surprises relative to IPO disclosures, and are more strategically important than financially complex. Since listing, EPI has secured a favourable Medicare reimbursement ruling, completed the first US Minder implant and signed nine Tier-1 US centres for DETECT, albeit enrolment remains early (3 patients to date).
Cash runway is confirmed through DETECT completion and G1 development into CY28, with execution on enrolment cadence now the key swing factor for sentiment. We make no changes to our FY26-28 forecasts or A$2.33 DCF-based target price. SPECULATIVE BUY rating maintained.
SomnoMed Ltd (ASX: SOM)
A third small-cap ASX share that is being tipped as a buy by Morgans is SomnoMed.
It highlights that the sleep disorder treatment company has started FY 2026 positively and is in a good position to achieve its full-year guidance.
As a result, it has retained its speculative buy rating and 99 cents price target on its shares. It commented:
SOM's 1H26 result places the company in a strong position to deliver at least the low end of its FY26 guidance, with clear upside potential. The half delivered solid double-digit revenue growth, meaningful operating leverage and significantly improved manufacturing efficiency, giving SOM a structurally strong base heading into 2H.
With around half of revenue and the majority of EBITDA already achieved in 1H, the 2H requirements to meet both the low and high ends of guidance appear modest and achievable. Continued momentum across Europe and North America, combined with expanded capacity and improved turnaround times, provides a credible pathway for SOM to finish the year toward the upper end of its range if current trends persist. No change to valuation or positive outlook but note upside risk as 2H progresses.
