S&P/ASX All Ords Index (ASX: XAO) shares are being smashed after a big fall on Wall Street on Friday and only a mild rebound overnight.
The All Ords is currently down 1.4% to 8,730 points, a near 3-week low.
Strong jobs data released last week put fear into the US market that inflation and interest rates may go up this year.
The Nasdaq Composite Index (NASDAQ: .IXIC) fell 1,121 points or 4.2% on Friday and regained just 0.9% overnight.
Friday's dramatic decline was the Nasdaq's biggest daily fall in more than a year.
The S&P 500 Index (SP: .INX) fell 200 points or 2.6% on Friday and recovered 0.3% overnight.
Meanwhile, let's take a look at some new notes from Ord Minnett.
The broker has a buy rating on these 3 ASX All Ords shares.
Here's why.
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Graincorp Ltd (ASX: GNC)
The Graincorp share price is $5.06, down 1.2% today and down 40% over six months.
Ord Minnett upgraded this ASX All Ords consumer staples share from an accumulate to buy rating.
The broker explained:
Grain-growing areas serviced by GrainCorp have received relieving rain in the past two weeks, which will now underwrite an FY27 winter crop.
We note that at the first-half FY26 results release on 14 May, there were growing concerns for the FY27 crop due to significant areas of northern NSW and Queensland not having sufficient soil moisture profiles to plant and a weather forecast suggesting a dry winter and the chance of El Nino.
Relieving rains of the past two weeks, however, have washed away these fears. The FY27 crop is likely to be smaller than FY26, but it is now unlikely to be the disaster it was shaping up to be.
In Ord Minnett's view, this makes the 21% retracement in the GrainCorp share price since 14 May seem like a significant overreaction.
The broker has a 12-month price target of $7.25, suggesting a potential capital gain of 43% over the next year.
Judo Capital Holdings Ltd (ASX: JDO)
The Judo share price is $1.39, down 2.8% today and down 19% over six months.
Ord Minnett renewed its buy rating on the ASX All Ords bank share with a $2.40 price target.
This implies potential capital growth of 72% over the next year.
In its new note, Ord Minnett said:
Judo is highly exposed to broader macroeconomic conditions and its performance will be more volatile than most of its larger rivals.
It is thus strongly leveraged to any Middle East war resolution and a return to calmer energy markets that had potentially threatened the asset quality of its SME loan book.
We forecast a compound annual growth rate (CAGR) for EPS of 40% and view Judo as an appealing investment option on a medium-term outlook.
Shape Australia Corp Ltd (ASX: SHA)
Shape Australia is a fit-out and construction services company operating in the commercial property sector.
The Shape Australia share price is $6.51, down 3.8% today and up 8.7% over six months.
Ord Minnett kept its buy recommendation in place for this ASX All Ords industrials share.
The broker explained:
SHAPE has announced the acquisition of Australian Professional Shopfitters (APS) for an upfront consideration of $20.4 million, comprising $17.4 million cash and $3.0 million in Shape scrip, with a potential earnout of $9.0 million over the next two years.
APS operates on an EBITDA margin of ~16% and as such, represents yet another acquisition that bolsters SHAPE's margin story.
The broker raised its price target from $8.50 to $8.85.
This implies 36% upside over the next 12 months.
