The S&P/ASX Small Ords Index (ASX: XSO) has collapsed 18% in the calendar year to date (YTD).

Meanwhile, the S&P/ASX All Ords Index (ASX: XAO) has fallen 2%.

Morgans reckons there are buying opportunities among the small caps today.

Let's check out three that the broker highlighted in new notes this week.

Atomic Eagle Ltd (ASX: AEU)

Atomic Eagle shares are 35 cents, down 6.7% today and up 46% since listing last November.

Morgans has initiated coverage with a speculative buy call on this ASX small-cap energy share. 

The broker has a 12-month price target of 80 cents.

This indicates a potential 128% upside ahead.

Morgans said: 

AEU offers exposure to Muntanga, a simple, low-capex heap leach uranium project in Zambia, plus a 60% interest in the high-grade Madaouela project in Niger. Buy Muntanga, get Madaouela for free.

AEU trades on just A$2.1/lb EV/resource versus the peer average of A$4.8/lb. In our view, the market is largely valuing Muntanga alone, with Madaouela's 116.5Mlb U3O8 foreign resource estimate contributing little to the current share price despite its scale, grade and strategic importance.

Near-term catalysts include Madaouela JORC conversion (end-2026), Muntanga North drilling results (Q4 2026) and a Muntanga resource upgrade as AEU works toward its 100Mlb+ target.

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting Group share price is $1.07, down 2.7% today and down 62% over 12 months. 

Morgans has a buy rating on this ASX small-cap consumer discretionary share. 

The broker has a 12-month share price target of $1.62.

This implies a potential 51% upside ahead.

Morgans said: 

BBN has provided a trading update for the first 14 weeks of FY27 which was broadly in line with expectations.

Comparable sales growth has moderated to +2.2% from +4.3% in the first 6 weeks of FY27 driven by the ramp up of temporary store closures in the period.

17 stores have now been refurbished to the Store of the Future format; they continue to deliver strong results, with average sales growth of 20% in the first year after re-opening, which sits within the 15-25% target range.

BBN has reiterated FY27 guidance for pro-forma NPAT of $19-21m, with sales of $585-600m (3-5% LFL sales growth), and 42% gross margin. Capex guidance was also maintained at $33-37m.

BBN is trading on <8x FY27F PE, which we believe undervalues its earnings growth profile over the next few years.

MotorCycle Holdings Ltd (ASX: MTO)

The MotorCycle Holdings share price is $2.89, up 0.4% today and down 11% over 12 months. 

Morgans has a buy recommendation on this ASX small-cap retail share. 

The broker has a 12-month price target of $4.30.

This suggests a potential 48% upside ahead.

Morgans said: 

MTO's investor day reinforced a business transformed in scale and mix, with wholesale driving earnings in a challenging market, retail and data offering the next leg of improvement, and FY31 targets giving clarity on the growth trajectory ahead.

The group set FY31 targets (A$1.2bn+ revenue, ~6% implied ROS) pointing to ~8% pa sales growth and ~11-15% pa PBT growth over the 5 year period.

We're encouraged by MTO's clear strategy ahead. We think the market overlooks MTO's wholesale business, which has meaningful growth levers across product, categories and partnerships.

We see scope for Retail upside from Harley-Davidson scale, ongoing brand rationalisation and data and systems integration.

Double-digit earnings growth and a net cash balance sheet look compelling on ~7x PE.

The post 3 ASX small-cap shares with 48% to 128% upside ahead: Morgans appeared first on The Motley Fool Australia.

Since that time, it has been proving up the resources at its Muntanga heap leach uranium project in Zambia, as well as progressing studies at the Madaouela project in Niger, which it owns a 60% stake in.

Broker Morgans has recently initiated coverage of the company with a speculative buy recommendation and a very bullish share price target, which I'll get to shortly.

First, let's have a look at the company's projects.

Zambian project coming together well

Atomic Eagle's flagship asset is the Muntanga project, where it has to date proved up a resource of 58.8 million pounds of uranium.

The company currently has drilling ongoing at Muntanga, and recently said new drilling at Muntanga North had identified a zone of uranium mineralisation that remains open along strike and down dip.

Atomic Eagle Chief Executive Officer Phil Hoskins said of the program:

The objective of our 30,000m drilling program is to grow the Muntanga resource base while systematically testing a portfolio of exploration targets across the broader Project area. Earlier drilling at Chisebuka delivered encouraging results and is expected to support future resource growth. We are further encouraged by the results at Muntanga North, where wide-spaced drilling has identified a zone of uranium mineralisation that remains open along strike and down dip to the east. We are over half-way through an active exploration program, with the large-scale Muntanga North Targets 6 to 8 still to be tested.

Atomic Eagle also recently said in a statement to the ASX that it had started a technical review of the Madaouela project, designed to "evaluate opportunities to increase project scale, expand the mining inventory and enhance project economics relative to the earlier 2022 Feasibility Study undertaken by GoviEx''.

Madaouela currently has a resource of 116 million pounds of uranium, and US$160 million has been spent on the project to date.

Shares looking cheap, broker says

Morgans, in its new research note on the company, said it was currently being valued on Muntanga alone.

They said that the project was "capital light", and they had confidence in the board, which had experience bringing uranium projects into production.

Morgans has a price target of 80 cents per share on Atomic Eagle, compared to 35 cents currently.

They added:

Most of the value is currently derived from Muntanga via a discounted cash flow valuation with a 10.5% weighted average cost of capital, supplemented by risked value for undeveloped resources, AEU's interest in Madaouela and unpaid capital via current options. We believe the market is discounting Madaouela and resource growth potential, creating an attractive entry point for long-term investors.

Atomic Eagle is valued at $134.2 million.

The post Could this ASX uranium developer more than double in value? appeared first on The Motley Fool Australia.

In early 2026, ASX uranium share prices soared alongside the uranium price in a speculative rally that was short-lived.

The broker points out that over the past three months, ASX uranium shares were sold off despite a steady commodity price.

For example, Paladin Energy Ltd (ASX: PDN) shares have dropped 23%, and Boss Energy Ltd (ASX: BOE) has fallen 12%.

The self-off was a global trend too, with the Global X Uranium ETF (ASX: ATOM) falling 30% over the three-month period.

Investors appear to have been spooked after the early-year rally took the uranium price above US$100 per tonne in late January.

The uranium price then plunged, alongside many metals and minerals commodities, in early February to about US$85 per pound.

Analysts at Trading Economics explained why ASX uranium share prices rose so strongly at the beginning of 2026.

They said:

Yellowcake prices were lifted by geopolitical tension driving power markets in major economies to be increasingly volatile, sparking interest in nuclear power by governments and power-hungry AI hyperscalers that develop data centers.

Italy was the latest to express interest to approve a legal framework to restore nuclear power, in line with measures from the US and Japan as power consumers expand sources for generation to account for the higher demand from data center projects.

Meta, Amazon, and Microsoft signed agreements to gain fresh nuclear capacity for their future AI data center operations.

Today, the uranium price remains around the US$85 per pound mark.

Shaw and Partners says uranium is experiencing "significantly improving sector fundamentals".

In a new note, the broker said it viewed the recent sell-off in ASX uranium shares as a buying opportunity.

The broker said the uranium price could potentially rise to at least US$200 per pound in a coming super-cycle, before reverting to a long-term sustainable price of US$120 per pound in the next decade.

Shaw and Partners said:

We view the pullback as an excellent buying opportunity.

Despite the pullback, we upgrade our price targets on a higher for longer uranium price.

The equities are pricing uranium at US$70-80/lb, so well below our US$120/lb LT forecast. 

What's driving demand for uranium today?

The broker said the drivers of uranium demand continue to grow.

Nuclear energy has returned to favour with governments focused on energy security and decarbonisation.

The conflict in the Middle East adds additional focus on energy security.

On top of that, demand for clean, baseload energy for data centres and AI will add further demand for nuclear power.

The US, China, and India have all set ambitious targets to expand their nuclear industries.

There are now 38 countries pledged to triple nuclear energy by 2050. 

Shaw and Partners said sovereign strategic buyers have recognised the urgency to lock in nuclear fuel supply for the next decade.

India and China are leading the way, and we expect the US to follow suit. India has signed offtakes with Kazatomprom and Cameco.

China is directly investing in offshore uranium assets (e.g. Etango). 

In our view, the price of uranium needs to be substantially higher than US$100/lb to incentivise the next wave of supply. 

Which ASX uranium shares are a buy?

Shaw and Partners recommends an overweight position in ASX uranium shares.

Here are the broker's preferred stocks and 12-month price targets.

The post 6 ASX uranium shares to buy ahead of yellow cake rising to US$200 per pound: experts appeared first on The Motley Fool Australia.