The team at Morgans has been busy running the rule over a number of ASX shares this week.
Three that have received buy ratings are listed below. Here's why the broker is bullish on them:
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Aeris Resources Ltd (ASX: AIS)
Morgans remains positive on this copper miner despite its capital expenditure guidance for FY 2027 coming in well ahead of expectations.
In response, the broker has retained its buy rating with an improved price target of 55 cents. It said:
FY27 guidance in line on production but capex of $280-343m was well above expectations on Constellation construction and stripping ahead of first ore in 3Q27. Elevated near-term Tritton capex funds the development of Constellation and Mallee Bull, underpinning higher-grade mill feed and a path to 30ktpa of copper production by FY30. Maintain BUY with a A$0.55ps target price (previously A$0.53ps).
Light & Wonder Inc (ASX: LNW)
Morgans was pleased with this gaming technology company's second-quarter update. It notes that earnings were ahead of expectations thanks to land-based gaming and iGaming.
As a result, its analysts have retained their buy rating on Light & Wonder's shares with an improved price target of $174.00. It commented:
Light & Wonder (LNW) delivered a better than feared 2Q26 result, beating expectations at the EPSA line, though a softer top line tempered the reaction with shares closing up 4% on the day. Growth in Land-based gaming and iGaming more than offset ongoing softness in SciPlay, but revenue still came in below expectations. The highlight was margin, where disciplined cost management and a favourable mix drove expansion across all three segments.
We think most of that gain holds through the balance of the year, even as mix shifts toward lower-margin outright sales in a heavily fourth-quarter weighted finish. We forecast 6.3% growth in consolidated adjusted EBITDA in FY26, with 3Q and 4Q representing 26% and 28% of the full-year outcome, respectively. We maintain our BUY recommendation, with an increased target price of A$174.
Pinnacle Investment Management Group Ltd (ASX: PNI)
Finally, Morgans thinks that this investment management company could be an ASX share to buy despite its FY 2026 results falling short of expectations.
According to the note, the broker has retained its buy rating with a trimmed price target of $23.41. It said:
PNI's FY26 underlying NPAT of A$138m (+21% on pcp) came in 7% below Factset consensus (A$148m) and 2% below MorgansF. Despite the headline result miss, we think PNI's FY26 underlying business performance was generally robust, with key business drivers like flows and AUM actually outperforming expectations.
Solid progress for PAM and Life Cycle also points to a positive trajectory for PNI's overseas expansion, in our view. Our FY27/FY28 NPAT forecasts are modestly revised down (-1% to -2%), although changes are slightly larger at EPS (-7%) due to a share count adjustment. Our price target falls to A$23.41 (previously A$23.94), with our earnings changes offset by a valuation roll-forward. Maintain BUY call with >20% upside to our price target.
