There are a lot of ASX shares to choose from on the Australian share market.
To narrow things down, let's see what analysts at Morgans are saying about the three named below. Are they buys, holds, or sells?
Image source: Getty Images
Netwealth Group Ltd (ASX: NWL)
Morgans remains positive on this investment platform provider following its quarterly update.
However, it isn't quite enough for a buy rating. The broker has put an accumulate rating and $29.00 price target on its shares. This compares to its current share price of $23.44.
Speaking about Netwealth, Morgans said:
NWL's 3Q26 net-flows of $3.96bn came in modestly ahead of expectations, however market volatility during the period eroded this solid performance to see 3Q26 FUA ending the quarter flat QoQ at A$125.8bn, (vs. Consensus A$129.8bn). Despite ongoing volatility and uncertainty tied to a US/Middle East conflict and a potential resolution, market momentum has recovered from peak pessimism in the March Quarter, with the ASX All Ordinaries +5.6% month-to-date in April'26, which will have seen FUA growth momentum improve post quarter end.
Looking through this near-term volatility NWL remains on track deliver solid growth FY26F and well placed to capitalised on the long runway of opportunity ahead. We retain our ACCUMULATE rating, with a Price target of $29.00/sh.
PLS Group Ltd (ASX: PLS)
This lithium giant delivered a strong quarterly update with record production and lower than expected costs.
However, given its strong share price gains, Morgans has downgraded PLS' shares to a trim rating with a $5.40 price target. This compares to its current share price of $6.14.
Commenting on the stock, Morgans said:
Record production +8% ahead of consensus expectations and costs -13% ahead of consensus expectations highlights PLS' strong operating leverage. Strong cash build supports growth and potential shareholder returns. Move to a TRIM rating (previously HOLD) with a A$5.40ps target price. PLS is our preferred lithium exposure, but we see much of the near-term upside priced in and suggest selectively trimming positions.
Reliance Worldwide Corporation Ltd (ASX: RWC)
This plumbing parts company could be fairly valued according to Morgans. It has put a hold rating and $3.25 price target on its shares. This is largely in line with its current share price of $3.30.
Morgans notes that Reliance's trading update was better than feared. It said:
RWC has reaffirmed all earnings guidance, including regional and group outlooks, for 2H26 and FY26. Against an uncertain global macro backdrop and the potential impact of higher oil prices stemming from the Middle East conflict, the trading update was better than feared. In relation to the expected impact from US tariffs, while there have been several changes since the 1H26 result in February, the anticipated impact on RWC's earnings in FY26 and FY27 remains unchanged.
We make no changes to FY26 earnings forecasts but reduce FY27 and FY28 underlying EBITDA by 2%, reflecting a more modest earnings growth profile amid ongoing subdued housing conditions. Despite the adjustments to earnings forecasts, our target price increases to $3.25 (from $3.00), reflecting an uplift in our PE valuation multiple to 12x (from 11x) following the better-than-feared trading update. HOLD rating maintained.
