If you are in the market for some new portfolio additions, it could be worth seeing what the team at Morgans is saying about the three ASX shares in this article.
Does the broker rate them as buys, holds, or sells? Let's find out:
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Deep Yellow Ltd (ASX: DYL)
Morgans highlights that this uranium developer's final investment decision (FID) for the Tumas project is behind schedule due to uncertain equity market and funding conditions.
Nevertheless, it remains positive and sees an opportunity for investors with a higher tolerance for risk to buy its shares. It has retained its speculative buy rating with a reduced price target of $1.50. Morgans said:
DYL has withdrawn its targeted 4Q26 Final Investment Decision (FID) for Tumas, citing weakness in equity market conditions and a constrained funding backdrop for uranium developers. The FID deferral is not entirely surprising given the weakness in DYL's share price over recent months. In our view, raising equity at current levels would have represented an unattractive funding outcome for existing shareholders.
Importantly, we view this as a delay rather than a change in strategy, with DYL remaining focused on advancing Tumas and positioning the project for a future FID. We maintain our rating of SPECULATIVE BUY with a price target of A$1.50ps (previously A$1.95ps).
PLS Group Ltd (ASX: PLS)
One ASX share that has made an FID this month is lithium miner PLS.
The decision was a touch mixed with higher capital expenditure but also higher steady-state production. As a result, the broker has retained its accumulate rating on PLS shares with a $3.70 price target. It said:
PLS has taken FID on the ~A$1.9bn P2000 expansion, lifting capacity to ~2Mtpa (from ~1.2Mtpa) with first production targeted in 1Q FY30. P2000 capex is ~20% above MorgansF, but steady-state production is higher (+16%) and sustaining + mine development spend lower (-14%). Maintain ACCUMULATE with A$3.70ps target price.
Pro Medicus Ltd (ASX: PME)
Now could be a good time to buy Pro Medicus shares according to Morgans.
In response to a new contract win, the broker has upgraded its shares to a buy rating with a $230.00 price target. It commented:
PME has announced a further seven-year, A$24m full stack cloud contract with Billings Clinic Logan Health, its third new community health system win in FY27 to date (A$72m TCV, A$10.3m new ARR). The FY27 wins are modest individually but consistent in size, term and scope, pointing to a repeatable mid-market playbook that broadens the pipeline beyond large Integrated Delivery Networks.
Near-term focus shifts to RSNA in late November as the likely window for a larger deal, and to execution on a busy 1Q'CY27 go-live schedule underpinning FY28. We upgrade to a BUY (from Accumulate), with no change to our A$230 target price.
