As more quarterly reports roll in, brokers are quickly adjusting their outlooks on plenty of ASX shares.
Two ASX healthcare shares that just received fresh guidance from the team at Morgans are Epiminder Ltd (ASX: EPI) and Saluda Medical Inc (ASX: SLD).
Both of these ASX healthcare shares have fallen significantly in 2026, down between 48% and 60%.
However, the team at Morgans is anticipating a bounce back for both.
Here is what the broker had to say.
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Epiminder
Epiminder develops the Minder system, a technology currently under evaluation that aims to improve epilepsy treatment by continuously recording brain activity data to reveal previously unseen epileptic episodes.
In 2026, the ASX healthcare stock has fallen nearly 50%.
However, following its recent quarterly activities report, the team at Morgans has reiterated its speculative buy recommendation.
The broker said momentum is building, with 3QFY26 activity highlighting improving execution. Morgans also highlighted DETECT enrolment and site activation are now gaining traction following a slow start.
Since 1HFY26, EPI has expanded to 18 Tier-1 US centres and increased enrolled patients to 15 (from 3 in February), remaining on track to reach 25 this month. Cash burn was lower than expected, reflecting timing of site invoicing, while runway remains intact through CY28. We adjusted FY26-28 forecasts and lowered our DCF-based target price to A$2.23 mainly on risk-free rate adjustment.
Yesterday, Epiminder shares closed trading at 54 cents per share.
From this price, the updated target from Morgans indicates an upside potential of more than 300%.
Saluda Medical
Saluda Medical is an ASX healthcare commercial-stage medical device company focused on developing treatments for chronic neurological conditions using its novel neuromodulation platform.
Its share price is down nearly 60% year to date.
However, a fresh price target from Morgans indicates this could rebound significantly.
The company also released a quarterly report last week.
Morgans said the 3QFY26 activity continued to build on strong 1H performance, with accelerating US commercial momentum underpinning another revenue upgrade.
The broker highlighted revenue growth of 13% quarter on quarter to US$23.8m (+34% year over year), supported by strong growth in implanted patients (+55% year over year), active physicians, and utilisation.
We view the second consecutive guidance upgrade (now US$87m, +24% YoY) as evidence of improving visibility, with salesforce scaling and physician productivity continuing to trend ahead of expectations. We update FY26 forecasts in line with guidance, with our DCF-based target price lowered to A$2.94, mainly on FX and risk-free rate adjustments. SPECULATIVE BUY maintained.
This updated price target of $2.94 indicates an upside potential of 400%.
