The team at Morgans have updated their outlook on three well known ASX listed companies this week.
Two have received hold recommendations while one has drawn a clear positive outlook.
Here is the latest from the broker.
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ASX Ltd (ASX: ASX)
Morgans said that ASX has recently released its monthly trading activity report for June 2026.
It was a mixed trading month overall for ASX, in our view, with higher cash markets activity (+54% volume on pcp), a downturn in raisings and stronger average daily futures/options contracts in June. Our FY27-FY28 EPS forecasts increased by ~+2% factoring in the recent trading activity. Our price target is increased to A$53.90 (from A$51.50). HOLD maintained.
ASX shares closed trading at $53.49 yesterday.
PEXA Group Ltd (ASX: PXA)
PEXA Group has been drawing positive ratings from experts recently.
However Morgans appears less optimistic.
PEXA recently responded to a draft decision by the NSW pricing regulator (The Independent Pricing and Regulatory Tribunal) that would cut the fees it can charge for its dominant electronic property settlement platform by about 20% from July 2027.
This would potentially reduce annual revenue by around $70 million.
Commenting on the release, Morgans said:
The headline read-through from IPART's draft report on proposed pricing changes for PXA is an anticipated reduction in revenue of A$70m (~20%) in year 1. We think a 20% hit to exchange revenue was much more punitive than consensus market expectations. Applying the cut in one year, rather than phasing it in over multiple years, adds to the disappointment. Our price target is reduced to A$9.35 (from A$14.23).
We Move PXA to HOLD. Proposed outcomes here are worse than expected, and this creates significant uncertainty around PXA's future profit profile and its overall operating environment.
PEXA shares closed trading yesterday at $8.44 per share.
Qantas Airways Ltd (ASX: QAN)
After struggling earlier this year due to global conflict and soaring oil prices, Morgans now sees a rebound in store for Qantas shares.
The broker said Qantas's post-COVID balance sheet strengthening and cost discipline have positioned it to absorb the current fuel cost shock and consumer softness with genuine resilience.
We forecast 2H26 PBT to be down on pcp as fuel and economic conditions bite, with FY27 forecast to deliver a moderate uplift. We view FY27 as a transition year for Qantas with higher growth expected from FY28 onwards as oil prices, refining margins and demand normalise. Structural growth drivers (fleet renewal, Project Sunrise, Loyalty scaling toward FY30 target) remain intact.
Morgans has initiated coverage on Qantas shares with an accumulate rating and $11.50 price target.
Qantas shares closed at $10.60 yesterday.
