If you are looking for big potential returns and have a high tolerance for risk, then it could be worth hearing what Morgans is saying about the speculative ASX shares named below.
Here's what the broker is recommending:
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EchoIQ Ltd (ASX: EIQ)
Morgans remains positive on this medical technology company following the release of its FY 2026 results and outlook for FY 2027.
In response, the broker has retained its speculative buy rating and $1.85 price target on its shares. Based on its current share price of $1.32, this implies potential upside of 40%. It commented:
The FY26 annual report confirms the numbers already flagged via quarterlies, but the real signal is the FY27 outlook section, which reads as almost entirely execution language now the balance sheet question is solved.
The market is still waiting on an FDA decision for its Heart Failure (HF) application, which remains the key near-term catalyst and value inflection driver. Despite delays, we maintain a positive view on approval. Speculative Buy retained and A$1.85 p/s target price unchanged.
PeopleIn Ltd (ASX: PPE)
Another ASX share that Morgans is recommending is PeopleIn.
It rates the workforce solutions company's shares as a speculative buy with a $1.00 price target. Based on its current share price of 66 cents, this implies potential upside of approximately 50%. It commented:
PPE's FY26 sees the completion of its portfolio simplification, with two subscale divisions divested (c.35% of the business) and the ongoing operations returned to growth. Group Normalised EBITDA of $19.0m (+1.6% pcp) was in line with MorgansF, while Normalised NPATA of $8.7m (+29.9% pcp) came in c.53% ahead on a lower underlying D&A (excl acquisitions amortisation).
Debt continues to decline, with capital management centred on dividends/buybacks, along with incremental M&A. Second-half momentum was the feature, with 2H26 Normalised EBITDA up 19.0% on 2H25 and Engineering, Trades and Labour up 122.7%, as the Queensland infrastructure ramp began to convert. We retain our Speculative BUY with a revised A$1.00 target price (70% PER / 30% DCF).
Readytech Holdings Ltd (ASX: RDY)
Finally, although this mission-critical software provider's results were a touch short of expectations, Morgans remains positive.
In response, the broker has retained its speculative buy rating with a $2.25 price target. Based on its current share price of $1.54, this implies potential upside of approximately 45%. Morgans commented:
RDY's FY26 result came in towards the lower end of its revised FY26 guidance range, with revenue of $125m & EBITDA of $34.8m -1%/-4% lower than MorgF respectively, with contract implementation timing and customer churn across RDY's legacy portfolio key headwinds during the period.
Lower planned investment into FY27 and an improved cost base stemming from the group's FY26 efficiency program should see the pathway back towards improved growth and margins as achievable, underpinning FY27 guidance of revenue of ~$128-132m (+2.4-5.6% YoY) & cash EBITDA margins of 15-17%. We trim EBITDA forecasts by -3-4% in FY27-FY29F, with our SPEC BUY retained.
