ASX investors will be happy to leave last week in the rear view mirror, and hoping its all uphill here.
Ongoing conflict in the Middle East has weighed heavily on investor sentiment.
Subsequently, the S&P/ASX 200 Index (ASX: XJO) slumped 1.7% last week, and is now down more than 7% over the last month.
For investors looking towards greener pastures, recent notes out of the team at Morgans have highlighted two ASX shares that have significant upside.
Here's what the broker had to say.
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Turaco Gold Ltd (ASX: TCG)
Turaco Gold engages in the acquisition, exploration and development of mineral interests, prospective for precious metals and other mineral deposits. It has ongoing exploration programs throughout the South Kyrgyz Gold project area with trenching, soil sampling and mapping undertaken on all of its prospects.
Like many ASX gold shares, it rose significantly in 2025. However, it has had a soft start to 2026, falling 20% year to date.
It seems the tide could be turning back towards a positive outlook for the company.
On Friday, Turaco Gold shares jumped an impressive 7% after the company announced rapid growth in its Afema Project.
The company has upgraded the gold resource estimate at its Afema Project to 4.65 million ounces, up 15%, at a grade of 1.3 grams per tonne.
Following the announcement, the team at Morgans released updated guidance on the company.
TCG released an MRE upgrade for the Afema Gold Project lifting the resource base to 4.65Moz Au at 1.3g/t Au (up from 4Moz)– a beat on our forecasts of 4.5Moz Au at 1.1g/t Au. Afema now ranks as one of the largest undeveloped gold resources on the ASX. We maintain our existing forecasts and reiterate our BUY rating, price target A$2.19ps.
From last week's closing price, this price target of $2.19 indicates an impressive upside of roughly 230%.
Morgans isn't the only analyst tipping upside.
Canaccord Genuity also has a positive outlook on Turaco Gold, along with a price target of $1.45.
Advanced Innergy Holdings Ltd (ASX: AIH)
The company is a global leader in materials science technology for the protection of critical infrastructure.
Morgans is optimistic about these ASX shares after it announced the completion of its acquisition of Imenco, although did note there are emerging headwinds.
We have incorporated the transaction into our forecasts, with the deal expected to be low-to-mid single digit EPS accretive. However, we use this update to also reflect forecast FX headwinds (GBP/AUD), which we expect to more than offset the accretion from the acquisition.
Our forecasts for the base business are unchanged excluding the impacts from FX, and we continue to assume constant FX in outer years. Overall, we reduce our EBITDA forecasts by 1% annually across FY26-28 and NPAT by 3-4% over the same period. Target price reduces modestly to $1.45.
Despite the decrease in target price, from last week's closing price of $0.78, the updated price target still indicates an upside of approximately 86%.
