If you are looking for big potential returns, then it could be worth checking out the three ASX shares in this article.
That's because the team at Morgans believes they could rise 9% to 27%. Here's what the broker is saying:
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Aroa Biosurgery Ltd (ASX: ARX)
This medical device company delivered an FY 2026 result that was in line with expectations.
In response, the broker has retained its buy rating on Aroa Biosurgery's shares with an improved price target of 79 cents. Based on its current share price of 62 cents, this implies potential upside of 27%. It said:
ARX posted its FY26 result which was in line with the recently released trading update and our forecast. Higher sales and marketing spend in FY27 results in a flat EBITDA, however the benefits of this investment will be seen in FY28/29 where a significant step up is expected. As a result of changes to forecasts and the roll forward of our model, our target price increases to A$0.79 (from $0.77). We maintain a BUY recommendation.
Goodman Group (ASX: GMG)
Another ASX share that Morgans is positive on is industrial property company Goodman.
In response to its quarterly update, the broker has retained its buy rating with a $36.00 price target. Based on the current Goodman share price of $29.86, this implies potential upside of 20% for investors. Morgans commented:
Operationally the update was mixed, with pre-committed share, production rate and Yield On Cost (YOC) all relatively flat hoh. The structurally important note was management's view that industry DC capex requirements likely exceed global capital market funding capacity, a backdrop that favours those with secured power, sites and locked-in capital partners. FY26 OEPSg guided to 'at least 9%' (prior 9%; MorgansF 9.2%; Consensus 9.8%), marginally up.
We partially reverse the discretionary discount applied in our March sector update (-10% to -5%) reflecting growing conviction in the capital-scarcity moat and peer pre-commit validation, noting that GMG's own leading indicators have not yet inflected. BUY reiterated; TP to A$36.00/sh.
Infratil Ltd (ASX: IFT)
A third ASX share that Morgans has been looking at is infrastructure investment company Infratil.
The broker was pleased with its FY 2026 results, noting that earnings grew quicker than expected.
As a result, the broker has retained its accumulate rating with an increased price target of $13.80. Based on its current share price, this implies potential upside of approximately 9%.
Commenting on the company, Morgans said:
IFT's FY26 result was strong with net proportionate EBITDA from continuing operations lifting ~11% YoY and coming in 4% ahead of our forecast. Proportionate capex was above our forecast. It lifted 17% YoY and is set to lift ~57% in FY27 as management recycles capital to reinvest in IFT's key growth assets. Portfolio Asset Value lifted 13% YoY to NZ$20.6bn, in line with our expectations.
IFT declared a 13.65c final dividend, in line with earlier guidance. We retain our ACCUMULATE recommendation and lift our Target Price ~22% to $13.80, following CDC's largest ever contract win.
