S&P/ASX 200 Index (ASX: XJO) shares rose 1% during the August earnings season and are up 4% in the calendar year to date (YTD).
Brokers have been updating their ratings and 12-month share price targets after reviewing the FY26 results of hundreds of companies.
Let's see what Bell Potter and Morgans thinks of these 3 ASX shares.
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Liontown Ltd (ASX: LTR)
The Liontown share price leapt 27% during earnings season and is down 22% YTD.
Bell Potter has a buy rating on this ASX 200 lithium share after reviewing Liontown's FY26 report.
The broker maintained its 12-month share price target at $1.90.
This implies a potential near-50% upside from here.
Analysts Stuart Howe and Ritesh Varma said:
We still believe that LTR's EV is lagging the recent recovery in lithium markets and expected tight fundamentals.
The last time LTR was trading at its current EV (early December 2025), SC6 prices were US$1,150/t and net debt was $274m.
Since then, the Kathleen Valley underground ramp-up has been further derisked and spot SC6 prices are above US$2,300/t.
While we expect lithium markets will be volatile, market fundamentals remain strong.
Over FY27, LTR will continue to ramp up and de-risk Kathleen Valley, a highly strategic asset in terms of scale, long project life and location in a tier-one mining jurisdiction.
Austal Ltd (ASX: ASB)
The Austal share price ascended 15% during earnings season and is down 38% YTD.
Bell Potter has a hold rating on this ASX 200 industrials share following Austal's FY26 results.
The broker reduced its 12-month share price target from $5 to $4.70.
This suggests a potential 11% upside from here.
Analyst Baxter Kirk said:
ASB pre-reported an EBIT loss of -$113m earlier this month, however, FY26 EBIT came in below this pre-report at -$125m.
ASB reported +11% YoY revenue growth to $2,029m 8% below BPe of $2,197m and consensus of $2,213m.
ASB typically does not provide guidance this early in the year…
The Board and management are committed to delivering a return to profitability in FY27e.
Management expects the operational and financial performance of the Australasia
Support segment to fall to some extent in the near term due to scheduled end of current contracts and closure of Austal Darwin.
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price jumped 16% during earnings season and is down 8% YTD.
Morgans downgraded this ASX 300 energy share from an accumulate to sell rating after its FY26 results.
The broker reduced its 12-month share price target from $1.40 to $1.30.
This implies a potential 10% downside from here.
Morgans said:
Guidance rest and expectations move lower — FY27 guidance implies a ~15% production downgrade versus consensus even at the top end of the range, while C1 costs and AISC are ~15-18% above market expectations.
While FY26 was broadly in line, FY27 guidance is likely to drive a reset in earnings expectations.
Honeymoon new feasibility study — The updated feasibility study outlines a more achievable development pathway with improved unit economics and lower sustaining capital intensity; however, the 13.8Mlb production profile sits below the ~15.1Mlb assumed by consensus, shifting the debate towards whether improved margins can offset lower volumes.
