Two ASX All Ords shares with 20% to 45% upside according to Morgans

Fresh guidance out of Morgans indicates healthy upside for two ASX All Ords shares. 

Here’s what the broker had to say. 

Gemlife Communities Group (ASX: GLF)

GemLife Communities Group is a developer, builder, owner, and operator within Australia’s Land Lease Community (LLC) sector.

This All Ords stock has fallen almost 10% year to date, however, fresh analysis from Morgans indicates it could rebound. 

The recent share price weakness looks overdone in our view. We have used the pullback as an opportunity to reassess key assumptions (ASP, settlement volumes, home build margins and gearing) in the context of the Iran conflict, a higher rate outlook, softer auction clearance rates and renewed cost inflation concerns.

The broker remains confident in the company’s near-term and long-term earnings growth prospects. It has upgraded the stock to a buy (previously accumulate).

Firstly, the demand thematic remains favourable, supported by a lack of downsizing options for an aging population and a customer cohort less exposed to financing and affordability pressures than other residential segments. Second, GLF’s pipeline and current level of development activity leave the business well placed to capitalise on this demand and drive meaningful volume growth over the next few years.

Lastly management has built a robust business model, characterised by low inventory risk, a vertically integrated platform and a demonstrated track record of managing home build margins through varying cost environments which we believe position GLF well to navigate the current operating landscape.

The broker has a target price of $5.66 on this ASX All Ords stock, which indicates an upside potential of 23% from yesterday’s closing price. 

MA Financial Group Ltd (ASX: MAF)

This ASX All Ords stock is a diversified financial services company, specialising in managing alternative assets, lending, corporate advisory, and equities.

Its share price has fallen significantly in 2026, by more than 30%.

Yesterday, it released its 1Q26 Operating Update.

This included an increase in assets under management (AUM) of 44% on 1Q25 to $14.8 billion. 

Management noted total AUM was down 3% over the quarter, largely due to the previously flagged sale process of Marion shopping centre. 

It said this will have an immaterial impact on FY26 revenue owing to the nature of this single client mandate.

Following the release, the team at Morgans said the key takeaway from the quarterly, in its view, was a softer Asset Management performance. 

The broker said this was impacted by market volatility, which overshadowed continuing robust MA Money loan book growth. 

As a result, the broker downgraded earnings per share (EPS) by 6% to 7% for FY26 and FY27. 

Our price target is revised to A$10.93 (from A$11.69). MAF has demonstrated consistent delivery in recent periods and, in our view, is well placed to deliver strong long-term growth. With >20% upside to our price target following recent share price weakness, we maintain our BUY call.

Despite the lowered price target, there remains an estimated 45% upside for this All Ords stock from yesterday’s closing price of $7.53. 

The post Two ASX All Ords shares with 20% to 45% upside according to Morgans appeared first on The Motley Fool Australia.

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