S&P/ASX All Ords Index (ASX: XAO) shares are down 0.4% to 8,982.8 points on Friday.
Top broker Morgans has issued new research notes on three ASX All Ords shares.
Let's take a look at what the broker has to say and its new 12-month price targets.
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NRW Holdings Ltd (ASX: NWH)
The NWH share price is $7.06, down 0.6% today and up 119% over 12 months.
Morgans describes this ASX All Ords industrial share as a "key pick" ahead of the August reporting season.
The broker said:
We expect strong FY26 earnings with our forecast ($284m) slightly ahead of VA consensus ($281m) and towards the upper end of guidance ($275-285m).
For FY27, we expect NWH to guide ahead of consensus (MorgansF $315m vs consensus $308m).
Importantly, the capex cycle in resources shows signs of accelerating with two major projects across gallium (Alcoa) and lithium (Covalent) approved in the last week alone, following last month's announcement that PLS is committing pre-FID capex in anticipation of P2000.
We leave our FY26 forecasts unchanged but increase FY27-28 EBITA by +4%.
Morgans retained its buy rating on NRW shares and lifted its 12-month target price from $6.60 to $8.
This suggests a potential 13% upside from here.
Generation Development Group Ltd (ASX: GDG)
The Generation Development Group share price is $4.44, down 3.1% today and down 19% over 12 months.
The diversified financial services business released its 4Q FY26 update this week.
The company reported a 36% increase in group funds under management (FUM) to $46.4 billion over FY26.
Investors loved the numbers, with the ASX All Ords financial share soaring 36% on the news.
Morgans said:
We saw this as a strong result highlighted by record Investment Bond sales, and importantly, Evidentia beating expectations after a run of consecutive misses.
We lift our GDG EPS by +1%-5% over the forecast period, on higher sales and FUM expectations in both key divisions.
Morgans retained its buy rating and raised its target from $6.28 to $6.89.
This suggests a potential 55% upside over the next 12 months.
South32 Ltd (ASX: S32)
The South32 share price is $4.60, down 1.4% today and up 47% over 12 months.
In its 4Q FY26 update this week, South32 said it had exceeded FY26 production guidance and increased quarterly sales volumes by 15%.
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.
Morgans maintained its accumulate rating on the ASX All Ords mining share.
The broker has a 12-month target of $4.60, which suggests limited upside from here.
