S&P/ASX 200 Index (ASX: XJO) shares are up 0.8% to 8,865.9 points on Thursday.
The market has rallied on hopes of a US-Iran peace deal.
Meanwhile, Morgans has updated its ratings and price targets on three ASX shares.
Let's check them out.
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Minerals 260 Ltd (ASX: MI6)
The Minerals 260 share price is 75 cents, down 1.7% today but up 474% over 12 months.
In a new note, Morgans said the gold miner had awarded a building contract for a 400-person accommodation village at Bullabulling.
The broker said this marks "a key step toward development" for the ASX mineral explorer.
Ongoing drilling continues to support resource growth, conversion and strike continuity, reinforcing confidence in the scale and quality of the system.
As a result, our confidence in Bullabulling's commerciality strengthens and update our model to reflect a larger-scale operation …
We maintain our BUY rating and lift our price target to A$1.40ps (from A$1.20ps), driven by the increased scale and improved production profile under our revised development scenario.
Atlas Arteria Ltd (ASX: ALX)
The Atlas Arteria share price is $4.79, down 0.6% today but up 13% over the past month.
The recent gain is due to a hostile takeover bid from IFM Investors.
Atlas Arteria's independent directors have recommended that shareholders reject the offer of $4.75 per share.
Morgans moved from a trim to a hold rating this week. It has a share price target of $4.22 on the toll roads operator.
The broker said:
ALX recommended its investors ignore IFM's hostile off-market takeover bid, citing the offer price as too low, the timing opportunistic, and the offer highly conditional. It also disclosed it initiated a sale process for its interest in Chicago Skyway which, if successful, could be value accretive (at least to our valuation).
While the Chicago Skyway divestment process is underway we moderate our rating from TRIM to HOLD given potential for value realisation above what we consider to be the intrinsic value of the asset and hence driving our ALX valuation up close to where the share price is currently trading.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is $11.20, down 4% today and down 16.4% over 12 months.
Morgans released a note today maintaining its hold rating on this ASX retail share. Its price target is $12.90.
The broker said:
SUL delivered a softer trading update, with all divisions seeing a deceleration in LFL sales through Mar/Apr (group LFL -2%) and group gross margin compression.
Weaker consumer sentiment from inflationary pressures (fuel and rates) weighed over the key Easter period as the promotional environment remains intense.
Limited earnings visibility and a challenging backdrop persist, with capital management initiatives unlikely to feature in FY26.
