There are a lot of ASX shares to choose from on the Australian market.
But which ones could be buys right now?
To narrow things down, let's take a look at three that Morgans is bullish on. Here's why the broker thinks they are buys:
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Frontier Digital Ventures Ltd (ASX: FDV)
Morgans remains positive on this online classifieds company following its FY 2025 results, which were ahead of guidance.
In response, the broker has retained its buy rating and 56 cents price target on the ASX share. This implies potential upside of 80% for investors from current levels. It said:
FDV's FY25 EBIT result appeared comfortably above guidance (-A$4.6m vs -A$10m). We lift our FDV FY26F/FY27F EPS by >10% (off low bases), with reduced revenue forecasts offset by improved EBITDA margin expectations. Our valuation and PT are largely unchanged at A$0.56. We see long-term value in FDV given its unique assembled portfolio, and with significant upside to our PT (A$0.56) we maintain our BUY call.
Astron Ltd (ASX: ATR)
If you have a high tolerance for risk, then Morgans thinks this ASX share could be a top pick. It has a speculative buy rating and 90 cents price target on its shares. This implies potential upside of 32% for investors.
It thinks the rare earths explorer could be well-placed to benefit from supply constraints in Western markets. It explains:
The Donald Project resource update confirms strategic heavy rare earth exposure, with improved definition of Dy and Tb supporting the project's importance to Western rare earth supply chains. Strong strategic backing from Energy Fuels (UUUU.NYS), with the Donald Project to supply REEC feedstock to its White Mesa Mill in the US, where rare earth prices are currently materially higher than in China.
Pantoro Gold Ltd (ASX: PNR)
Lastly, Morgans thinks investors should be buying this ASX gold stock following this week's share price weakness.
In response to its results and production guidance downgrade, the broker has retained its buy rating with a trimmed price target of $6.53. This implies potential upside of almost 70% for investors. It commented:
PNR reported its H1FY26 result, alongside a production downgrade. Updated production forecasts of 86–92koz Au (previously 100–110koz) are considerably lower than our previous forecasts. We now model the upper end of guidance at an AISC of A$2,609/oz. We maintain our BUY rating and price target of A$6.53ps (previously A$6.83ps), the downgrade a function of revised forecasts.
