S&P/ASX All Ords Index (ASX: XAO) shares are down 0.6% to 8,960 points on Friday.
Here are some new ratings and 12-month price targets from the experts on three ASX All Ords shares.
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Elsight Ltd (ASX: ELS)
The Elsight share price is $6.10, down 3.3% today and up 199% over 12 months.
Elsight is a technology company whose flagship product, Halo, provides Beyond the Visual Line of Sight (BVLOS) connectivity for drones, UAVs, and other unmanned air and land systems.
Halo was launched in 2020, and today, more than 100 drone and UAV manufacturers and operators are using it.
This week, Elsight issued its quarterly activities report.
The company reported customer receipts of US$5.4 million and a net operating cash outflow of US$175,000 for the quarter.
Cash and cash equivalents were US$63.3 million on 30 June, with 361 quarters of funding available at current cash burn rates.
In a new note, Bell Potter kept its buy recommendation on the ASX All Ords tech share.
The broker lifted its 12-month share price target from $8.10 to $8.20.
This implies a potential upside of more than 30% from here.
The broker said:
We believe ELS has developed a market leading product that is leveraged to the proliferation of unmanned systems in both a defence and commercial context.
We believe ELS shares offer relative value versus listed peers at 39x CY26e EV/EBIT given its recurring revenue, high ROIC business model and defensible niche.
We expect the key driver for ELS shares will be revenue upgrades from OEM production capacity expansion.
Key catalysts include: another repeat order from "OEM1", which is currently behind our expected timeline; potential upgraded pipeline disclosure on or before August 3, 2026; and a ramp-up in non-OEM1 volumes.
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is 90 cents, up 1.9% today and down 35% over 12 months.
This week, Beach Energy reported quarterly production of 4.9MMboe, sales of 4.7MMboe, and revenue of $400 million for 4Q FY26.
Bell Potter noted FY26 production was at the low end of the company's 19.4MMBoe to 20.3MMboe guidance.
As a result, Bell Potter retained its hold rating on this ASX All Ords energy share.
In a new note, the broker slashed its price target from $1.15 to 95 cents.
This implies a potential upside of just 5% from here.
The broker said:
BPT is in a production replacement cycle with respect to exploration and appraisal.
Production growth should return in FY27 and capex ease, enabling positive free cash flow to support balance sheet deleveraging and ongoing dividends.
We are positive on BPT's exposure to Australian east coast gas markets (around half of sales volumes) and cautious with respect to global oil markets.
South32 Ltd (ASX: S32)
The South32 share price is $4.60, down 1.4% today and up 47% over 12 months.
On Monday, South32 released its 4Q FY26 update.
The miner informed investors it had exceeded production guidance for FY26 and increased quarterly sales volumes by 15%.
In a new note, Morgans maintained its accumulate rating and $4.70 target on this ASX All Ords mining share.
This implies a potential upside of 2% from here.
Morgans said:
A strong finish to FY26, with Sierra Gorda, Cannington, both manganese units and the Brazilian operations all beating full-year production guidance.
Cannington was the big swing factor, jumping 29% qoq on restored mining rates and higher grades.
Group sales rose 15% qoq as rail access returned at Cannington and manganese/Mozal stockpiles were sold down, with a ~US$200m 2H26 working capital release flagged (vs a US$130m 1H build), a strong set-up for the August result alongside lower capex sunk.
Partially offsetting, Sierra Gorda and manganese unit costs are running ~5-10% above guidance, and Australia Manganese FY27 guidance is under review.
