However, these three ASX small-caps have drawn buy recommendations from brokers, along with price targets suggesting they could double in 12 months. 

For investors considering exposure to ASX small-caps, they may appeal.

Medallion Metals Ltd (ASX: MM8)

Medallion Metals is a minerals exploration company based in Perth, Western Australia. To the north, it has the Ravensthorpe Gold Project, comprising mineral rights yielding amounts of high-grade gold and copper. To the south, the Jerdacuttup Project is prospective for base and precious metals.

It has already rocketed 200% higher in the last year. 

Morgans is bullish this ASX small-cap can continue to grow. 

In a recent note out of the broker, Morgans said the company is now fully funded, supported by a US$50m offtake-linked financing facility with commodity trader Trafigura, removing a key development overhang. 

We maintain our SPECULATIVE BUY rating, with a price target of A$0.87ps (previously A$0.61ps).

From yesterday's closing price of $0.42, this updated price target indicates an upside of approximately 107%. 

Qoria Ltd (ASX: QOR)

Qoria is a leading global provider of cyber safety products and services.

The ASX small-cap released its 1HFY26 result on Thursday. 

In response, the team at Bell Potter downgraded its price target to $0.60. 

However, it maintained its buy recommendation, and projects 100% upside for the stock price based on yesterday's closing price of $0.30. 

We have reduced the multiple we apply in the EV/Revenue valuation from 6x to 4.5x given the sell-off in the tech sector since we last updated the target price in January.

There is, however, no change in the 9.1% WACC we apply in the DCF. The net result is a 20% reduction in our TP to $0.60 which is still double the share price so we maintain our BUY recommendation.

Trajan Group Holdings Ltd (ASX: TRJ)

Trajan is a developer and manufacturer of analytical science instruments, devices and solutions, focusing on accessing specialist skills and capabilities that improve the analytical workflow of the global life sciences industry. 

The company released its 1H26 result on Thursday. 

Speaking on the results, the team at Bell Potter said: 

TRJ's 1H26 result was a tale of two discrete quarters. Q1 was impacted by a combination of a slowdown in the Pharma and Food sectors, the US Government funding freeze, and the impact of US tariffs and operational reconfiguration to adjust to the tariff environment. Q2 saw a material recovery due to a pick-up in the Pharma sector and the resumption of US Government funding to the health sector. This resulted in record revenue in Q2 at c.$45.4m and nEBITDA of c.$4.5m.

The broker reduced its price target to $1.050 as a result, and maintained its buy recommendation. 

From yesterday's closing price of $0.565, this indicates an upside of 85.8% for this ASX small-cap.

The post 3 ASX small-caps that should be on every investor's radar appeared first on The Motley Fool Australia.

Trajan Group Holdings is a developer and manufacturer of analytical and life sciences products and devices, seeking to enrich human well-being through scientific measurement. 

Its current portfolio of products comprises products, devices, and solutions that are used in the analysis of biological, food, and environmental samples.

Broker Bell Potter released fresh analysis on the company yesterday, which included a buy recommendation and optimistic price target. 

Here is what the broker had to say. 

Improving sentiment, headwinds easing

The report said that the headwinds from Academic/Government segments in both US & China, appear to be easing. 

The broker also said tariff mitigation should be completed by FY26 through a combination of pricing and cost out programmes. 

Instrument sales still face challenges from funding pressures, however consumables business appears to be holding up. 

Bell Potter also noted this ASX healthcare stock is beginning to utilise AI technology. 

According to the report, AI is beginning to creep into management commentary with a range of AI agents being developed to speed up lead conversion and software development.

As sentiment and operating performance amongst TRJ's US peers improves, so should TRJ's financial results.

The broker did note that market acceptance depends on the company's ability to improve testing products and to introduce new products successfully, while proving its offerings are superior to competing technologies.

AGM results 

Trajan Group also recently held its 2025 AGM.

The company reported: 

• Group revenue of $166.5M, up 7.4% from pcp. 
• Group EBITDA $15.5M, up 26.2%. 
• Operating NPATA rose 33.3%. 

Overall, the company maintained revenue guidance. 

Based on the AGM results, Bell Potter said the key catalyst for the company is demonstrating improvement in EBITDA margins. 

In 1Q26 revenue is slightly ahead of pcp but segment performance is patchy, with Components & Consumables (C&C) revenue up a solid c.10%, but Capital Equipment (CE) down c.20% with an expected recovery through the year.

Price target upside

In yesterday's report, Bell Potter maintained its buy recommendation and target price of $1.25 for this ASX healthcare stock. 

Based on yesterday's closing price of $0.67, this indicates an upside of approximately 86%. 

Guidance remains in the LSD% range but sentiment is improving, through industry tailwinds (or headwinds easing) including efficiencies, volume leverage, strength in pharma, chemicals and CDMOs, as well as China stimulus.

The post Is this ASX healthcare stock a buy low candidate after falling 35%? appeared first on The Motley Fool Australia.

However in addition to a balanced portfolio of well-established companies, some investors may be looking for high upside. 

Investing in small, fast-growing companies can capture substantial gains compared to later investors who wait until those companies have grown. 

One that has attracted a price target well above its current share price is Trajan Group Holdings Ltd (ASX: TRJ). 

What is Trajan Group

Trajan Group Holdings is a developer and manufacturer of analytical and life sciences products and devices, seeking to enrich human well-being through scientific measurement. 

Its current portfolio of products comprises products, devices, and solutions that are used in the analysis of biological, food, and environmental samples.

This ASX penny stock has fallen by more than 30% over the last year. 

However, broker Bell Potter has a buy recommendation on Trajan Group shares. 

The broker also released a report on August 28 following the company's FY25 financial results. 

What did the company report?

In its FY25 release, the company reported: 

• Group revenue of $166.5m (up 7.4% on pcp)
• Normalised group EBITDA was $15.5m (below the guidance range ($17.0M–$19.0M) but up 26.2%)

The company also provided FY26 guidance. 

It said it enters FY26 with a strengthened balance sheet, robust demand indicators, and clear momentum across core and emerging markets. 

Trajan's diverse global operating footprint and revenue base along with its broad customer and product mix positions it well to navigate the rising volatility in the macro-economic environment.

Despite this market landscape, management expects FY26 net revenue to be between $170m to $180m and EBITDA to be between $16m to $19m.

What did Bell Potter have to say?

Following the FY25 results, broker Bell Potter said the company had relatively healthy revenue growth. 

It said key drivers of revenue growth included automated systems, food safety, and HDX software within the Capital Equipment business. 

It's important to note Bell Potter identified risks to the company's outlook, including commercial and competitive pressures related to product development, customer acquisition, and rival firms with stronger market positions, as well as operational risks across global manufacturing sites.

As a result, the broker has kept its buy recommendation on this ASX penny stock, however it did reduce its target price (previously $1.45). 

TRJ has provided guidance for revenue and nEBITDA, with revenue expected to land between $170m – $180m and nEBITDA at $16m – $19m. 

Our revenue estimate is near the mid-point and so we have determined to maintain that estimate. However, we were at the top of the range for nEBITDA and given macro volatility and the measured approach to cost reduction, we have shifted our FY26e nEBITDA down to the low end of the range at c.$17m.

The revised price target of $1.25 indicates an upside of 56.25% from yesterday's closing price of $0.80.

The post Broker says this penny stock could rise 50%! appeared first on The Motley Fool Australia.

Even with the gain, three ASX health care shares stood out today, with each posting returns that outpaced the market.

Here is the rundown on what happened with each today.

Trajan Group Holdings Ltd (ASX: TRJ)

Shares in global analytical science and device company Trajan Group jumped over 8% today and finished near an all-time high.

Investors bought into the company's shares after it announced it had completed the acquisition of German company Axel Semrau overnight.

The company completed the deal on a consideration of 17 million euros. This gives the company further exposure to the European markets.

The Axel Semrau company manufactures laboratory automation and chromatography software and detection systems. The company reported FY21 (year ended Sept 2021) revenues of 14.9 million euros and EBITDA of 1.46 million euros.

Trajan shares traded as high as 8% late in the session today, after climbing gradually from the open.

Early investors have been rewarded with their holdings in Trajan Group. Its share price has gained over 105% since listing in early July.

SDI Limited (ASX: SDI)

Shares in supplier of dental restoration materials SDI traded as much as 7% higher before dumping just before the closing bell today.

At market close, SDI's shares are fetching $1.07 apiece and are up only 1.90%. They were on the move as Investors responded positively to the company's AGM release today.

In its address, the company's chairman Jeffery Cheetham gave an overview of the company's operations for the year. He also addressed how the firm has created value for its shareholders in that time.

For instance, SDI declared a final dividend of 1.65 cents per share on top of its interim dividend of 1.5 cents per share. Combined, this signified a 70.3% growth in the dividend payout ratio from the previous year.

SDI also launched several new products in its whitening and glass ionomer range and continues to invest in research development, as per its report.

The SDI share price has gained over 31% in the past 12 months after rallying another 36% this year to date.

Bcal Diagnostics Ltd (ASX: BDX)

Shares in Bcal Diagnostics hit an intraday high of 15.2 cents in early trade today and held course until the finish.

The gains are a welcomed turn for Bcal shareholders, who have lost 39% in the past few months since the company listed.

There wasn't any price-sensitive news out of Bcal's camp today, however, its share price has been on the downward slope for the last few weeks.

But, the company did release trial results for its BCAL test early in the month. That data readout supported and reinforced previous studies conducted by the company.

Bcal advised its BCAL test showed positive results in samples obtained from a recent Cohort 4 test. The company is now seeking to further refine its BCAL algorithm and biomarker development.

Investors have bought in at the lows today and volume is about 50% of the company's 4-week average volume for number of shares traded.

ASX health care shares have done well across the board today as well. The S&P/ASX 200 Health Care Index (ASX: XHJ) finished up around 1%, after gaining more than 6% in the past month, indicating strengths across the broad sector.

The post 3 ASX health care shares that outpaced the market on Friday appeared first on The Motley Fool Australia.

Since hitting the ASX boards on 7 June, the shares of the global developer and manufacturer of analytical science instruments, devices and solutions are up an impressive 38% from their listing price.

Based on the current Trajan share price, the company now has a market capitalisation of just over $300 million.

What is Trajan?

Trajan was established in 2011 and is a global participant in the analytical science instrument and device industry.

According to its prospectus, it is a purpose led business that aims to enrich human wellbeing through the design, manufacture and supply of products and solutions that enhance scientific measurement.

Trajan's precision componentry and solutions are used in the analysis of biological, food, and environmental samples across a variety of segments that impact human wellbeing. They also have a broad range of life science applications including pharmaceutical, clinical diagnostics, and pathology.

In addition to this, the company has developed a portfolio of innovative technologies and devices which are expected to support the trend towards decentralised, personalised data‑based healthcare.

Why is the Trajan share price shooting higher?

One of the reasons investors have been bidding the Trajan share price higher might be its sizeable and growing market opportunity.

One segment of the global analytical science industry in which Trajan operates is the mass spectrometry market, which was valued at US$4.1 billion in 2020.

End‑user segments within this market include pharmaceutical applications which are projected to grow at a CAGR of 9.3% and environmental testing which is projected to have a CAGR of 6.5% from 2020 to 2025.

For now, it is forecasting revenue of $74.65 million and EBITDA of $9.5 million in FY 2021 and then revenue of $82.5 million and EBITDA of $10.7 million in FY 2022.

Trajan IPO

Trajan raised gross proceeds of $90 million at an offer price of $1.70 per share from its IPO.

Management notes that the proceeds raised will predominantly be used to execute the company's growth strategy. This strategy encompasses both strategic acquisitions of complementary businesses, technologies and processes, and continued investment in its proprietary technology and device portfolio.

Some of the proceeds were also used to give existing shareholders the opportunity to realise a minority part of their investment in the company.

Given its bright prospects and high quality technology, it might be worth keeping an eye on the Trajan share price in 2021.

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