On Friday, the S&P/ASX All Ords Index (ASX: XAO) finished up 0.47% at 9,003.7 points.
On Friday afternoon, Morgans updated its ratings on three ASX All Ords shares.
Let's take a look.
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Minerals 260 Ltd (ASX: MI6)
The Minerals 260 share price closed at 62 cents, up 3.3% on Friday and up a whopping 425% over 12 months.
Minerals 260 is building one of Australia's largest near-term gold mines, Bullabulling, in Western Australia.
The miner updated the Mineral Resource Estimate (MRE) and released the Pre-Feasibility Study (PFS) for the project this week.
The MRE increased a sizeable 38% to 190Mt at 1.0g/t Au for 6.2Moz.
On Friday, Morgans maintained its buy recommendation with a 12-month target of $1.38 target.
This suggests potential upside of 120% over the next 12 months.
The broker said:
MI6 has released its maiden Ore Reserve and PFS, confirming Bullabulling as one of Australia's premier undeveloped gold projects.
The study outlines ~150kozpa production over the first decade, a 43% IRR, A$2.3bn NPV and a two-year payback period.
Importantly, the PFS was completed largely on the previous 4.5Moz resource base, with the upgraded 6.2Moz MRE providing scope for further reserve growth, mine plan optimisation and increased scale through the DFS.
Adairs Ltd (ASX: ADH)
The Adairs share price closed at $1.49, down 2.9% today and down 31% over 12 months.
Morgans downgraded Adairs shares from a buy rating to an accumulate recommendation on Friday.
The broker has a 12-month target of $1.70, suggesting 14% potential upside from here.
Morgans said:
ADH provided a FY26 trading update, with Adairs performing ahead of expectations, Mocka largely in line, but ongoing weakness in Focus on Furniture continues to weigh on group earnings.
Group EBIT is expected to be down ~1.3%.
Given the ongoing weakness in Focus on Furniture and the extended remediation time required, the group intends to recognise an impairment charge of $62-28m ($56-60m after tax). This will be excluded from underlying earnings.
We have made downward revisions to our earnings in FY26/27/28.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price closed at $35.05, up 0.6% today and down 17% over 12 months.
Morgans downgraded James Hardie shares to a trim rating on Friday.
The broker lowered its 12-month price target from $39 to $36.
This suggests a potential 3% upside in the new financial year.
The broker said:
The JHX share price is up 25% in three months, leaving the business trading on a PER (NTM) of 22x, back towards the pre-AZEK average multiple of 21x. JHX has FY27 guidance in the market for EBITDA growth 4-8% – an achievable ambition.
However, by Sep-26 investor attention will turn to 2028 earnings expectations, and with Consensus factoring in +22% EPS growth we see downside.
It is our expectation that any US housing recovery will progressively be pushed into FY29/30, with JHX eking out mid to high single digit growth over the medium term.
Given JHX is trading back at its average multiple, despite the AZEK acquisition, and combined with the potential downside revisions to consensus forecasts, we are moving to a Trim rating with a $36.00/sh price target.
