Buy, hold, sell: Megaport, Mineral Resources, and Rio Tinto shares

There are a lot of options to choose from on the Australian share market.

To narrow things down, let’s see what Morgans is saying about the three popular ASX shares named below.

Here’s what the broker is recommending:

Megaport Ltd (ASX: MP1)

Morgans is positive on this network-as-a-service provider following its half-year results.

After reviewing the results, the broker has retained its buy rating with a $16.00 price target. It commented:

After doing a post result deep dive into one-off versus recurring costs implied in 2H26 guidance, we now understand 2H26 includes a number of one-off costs. We update our forecasts, lowering our FY27/28 OPEX due to expectations of a higher underlying 2H26 exit rate EBITDA margin relative to that implied in guidance (which includes meaningful one-off costs in 2H26). We lift our FY27/28 EBITDA forecasts by 15-20%. Our forecasts now sit in line with consensus. Our target price lifts to $16.00 and we retain our Buy rating.

Mineral Resources Ltd (ASX: MIN)

Another ASX 200 share that Morgans is positive on is mining and mining services company Mineral Resources.

Morgans was pleased with the clear step change in profitability during the first half, which is helping to strengthen its balance sheet.

In response, Morgans put a buy rating on its shares with a $68.00 price target. It said:

1H26 EBITDA and underlying NPAT beat consensus with Onslow, Mining Services and lithium delivering a clear step change in profitability. MIN is firmly on track to achieve <2x ND/EBITDA within 6 months supported by strong earnings and POSCO proceeds. Move to a BUY recommendation (previously HOLD) with embedded growth from Onslow moving to 38Mtpa and additional lithium capacity underpinning medium-term upside.

Rio Tinto Ltd (ASX: RIO)

Finally, Morgans was pleased with Rio Tinto’s performance in FY 2025. However, it wasn’t enough for a broker upgrade. This is especially the case given its concerns over the miner potentially looking at deal-making at the top of the cycle.

As a result, Morgans has a trim rating and $146.00 price target on Rio Tinto’s shares. The broker said:

Solid earnings result, albeit flat earnings despite Copper EBITDA doubling. An investment heavy phase, FCF will rise on Simandou/OT ramp. Underlying NPAT US$10.9bn (in line with cons). Final dividend was 254 USc (+1% vs cons).

Whether RIO prove sceptics wrong and unlock value from mega deals at the top of the cycle is a key question and risk. We lean towards ‘no’, as in our experience M&A action in bull markets pushes listed targets beyond fair value. RIO is keeping pace with the upgrade cycle, which supports gains but undermines our view on further value, although it remains one of the highest quality sector exposures. We maintain a TRIM rating on RIO with a valuation-based A$146 target price (previously A$142).

The post Buy, hold, sell: Megaport, Mineral Resources, and Rio Tinto shares appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Megaport. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.