Buy, hold, sell: Evolution Mining, Hub24, and Rio Tinto shares

Are you hunting some new investment ideas? If you are, then let’s take a look at three popular ASX shares and see if Morgans rates them as buys, holds, or sells.

Here’s what the broker is saying about them:

Evolution Mining Ltd (ASX: EVN)

This gold miner delivered a strong second quarter update according to Morgans. It highlights that Evolution Mining reported production and costs that were better than expected, as well as record cash flow.

However, due to its current valuation, Morgans has retained its trim rating (between sell and hold) with an improved price target of $13.20. It said:

Strong 2Q26 with gold production and costs beating expectations. EVN generated record cash flow again. We expect EVN to reach net cash by the end of FY26. We maintain our TRIM rating as we view the stock as fully valued. However, we see merit in retaining some exposure given EVN’s significant leverage to gold and copper prices, which are currently at record levels.

Hub24 Ltd (ASX: HUB)

Morgans was impressed with this investment platform provider’s performance during the second quarter. It highlights that its platform net flows were the largest on record and comfortably ahead of expectations.

But due to its current valuation, the broker has held firm with its hold rating and $110.60 price target. It said:

HUB’s 2Q26 Platform net-flows of $5.6bn were the group’s largest on record, coming in ahead of consensus expectations of $4.6bn. On an underlying basis (excluding $1.5bn of flows from the EQT migration in 2Q25), core net inflows were up +42% yoy. This strong organic momentum was also supported by positive mark-to-markets during the quarter which saw HUB report Total FUA of $152.3bn, +26% yoy, and Platform FUA of ~A$127.9bn, +29% yoy.

We see the company as well positioned to deliver strong growth at its upcoming 1H26 result and on track to reach its FY27 Platform FUA targets. We upgrade our underlying NPAT forecasts by 1-2% and retain our Hold rating with an unchanged $110.60 price target.

Rio Tinto Ltd (ASX: RIO)

A final ASX share that Morgans has been looking at is Rio Tinto. It was pleased to see the mining giant achieve its shipments guidance in FY 2025 despite cyclone disruptions early in the year. It was also pleased with its copper production, which was ahead of expectations.

Once again, though, the broker thinks Rio Tinto’s shares are fully valued. As a result, it has retained its trim rating and $140.00 price target. It said:

Record 4Q Pilbara production and shipments enabled RIO to land at the lower end of CY25 guidance, recovering from cyclone disruptions back in 1Q. Copper beat estimates by 14% on Escondida and Oyu Tolgoi strength. Simandou achieved first shipment in December as guided. Making hay while the sun shines, with copper and iron ore beats, but a quarter that will be hard to repeat with Pilbara shipments to normalise and Escondida grades set to moderate in CY26. Valuation remains stretched at current levels. We maintain our TRIM rating with target price unchanged at A$140.

The post Buy, hold, sell: Evolution Mining, Hub24, and Rio Tinto shares appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.