The team at Morgans has been busy running the rule over a number of ASX shares this week.
But does the broker rate them as buys? Let's see what it is recommending:
Image source: Getty Images
Aristocrat Leisure Ltd (ASX: ALL)
Morgans has made minor revisions to its estimates ahead of this gaming technology company's results next month.
However, it remains very positive and has retained its accumulate rating on Aristocrat Leisure's shares with a slightly trimmed price target of $69.00. This implies potential upside of approximately 17% for investors. It said:
With G2E in Las Vegas this week, and ahead of its FY26 result on 12 November, we have made minor revisions to our earnings forecasts. We lower our FY26-27 fee per day and North American outright unit forecasts and our FY26 Product Madness bookings. We also lift our AUD/USD assumption and increase our buy-back assumptions.
Our NPATA forecasts fall by c.1% across FY26-27F. EPSA is broadly unchanged in FY26 and up c.1% in FY27, reflecting higher buy-backs. Our 12-month target price decreases to A$69.00 (prev. A$70.00). We maintain our Accumulate recommendation.
Liontown Ltd (ASX: LTR)
Another ASX share that Morgans has been looking at is lithium miner Liontown.
In response to its production expansion announcement, the broker has retained its accumulate rating with a $1.10 price target. This suggests that upside of almost 40% is possible for investors. It commented:
LTR has approved the A$389m Kathleen Valley Expansion, targeting ~780ktpa of spodumene concentrate from FY30, with steady-state production in line with our expectations but unit costs above MorgansF and consensus.
Our target price falls to A$1.10ps (from A$1.40ps) on a slower FY28-FY29 ramp-up and higher near-term capex and costs, with falling lithium prices and execution now the key risks. We maintain our ACCUMULATE rating with a A$1.10ps target price.
Navigator Global Investments Ltd (ASX: NGI)
This global investment company's shares could be worth considering according to Morgans.
In response to news that Navigator Global is selling its stake in Invictus Capital Partners, the broker has retained its buy rating with a $3.04 price target. This implies potential upside of 27% for investors from current levels. It said:
NGI has agreed to sell its stake (21%) in Invictus Capital Partners to New York Life Investment Management (NYLIM). The sale will take place in several stages. The sale crystallises a premium of up to ~8% to cost on the initial 12.7% stake, while NGI keeps its carry and future upside through a residual 8.3% stake. Management expects the retained stake could be worth meaningfully more, on a pro-rata basis, when it is transferred in 2031, helped by the NYLIM partnership.
In our view, the sale shows the optionality and embedded value in NGI's portfolio. We have left our earnings forecasts unchanged for now and will wait for more detail from NGI at its February result. That timing matches the expected transaction completion in the first quarter of 2027. We see long-term value in the NGI story and maintain our BUY recommendation and target price of A$3.04.
