Morgans has just updated its recommendations for a number of popular ASX shares, three of which are named below.
Is the broker bullish, bearish, or something in-between? Let’s find out.
Guzman Y Gomez Ltd (ASX: GYG)
Morgans notes that this quick service restaurant operator continues to perform strongly in the Australian market. But the same cannot be said for its US operations, which are a big disappointment given its bold global expansion ambitions.
However, Morgans remains positive and believes it can replicate its local success overseas. As a result, it has retained its buy rating with a reduced price target of $24.00. It said:
If it was just about Australia, GYG would be doing just fine right now. In its home market, it continues to outperform the broader QSR industry both in terms of comp sales and network expansion. Australian earnings were up strongly in 1H26, much as we had expected. But it’s not just about Australia. GYG came to market with a strategy for global expansion that was breathtakingly ambitious. The first big opportunity was the US. Unfortunately, the pace of network expansion in the US so far has been pedestrian and the restaurants it has opened have lost more money than expected. It was a further step-up in US losses that disappointed investors most today and caused group EBITDA to fall 7% short of our forecast.
We do believe global growth will click into gear at some point to complement a very healthy Australian business. We maintain a BUY rating, though our revised 12-month target sees the share price recovering to $24.00 rather than the $32.30 we had before. GYG has a bit to prove, but we can be certain it is going to give it all it’s got to ultimately realise its growth ambitions.
Megaport Ltd (ASX: MP1)
Morgans was pleased with Megaport’s performance during the first half, noting that its earnings were stronger than expected.
In response, the broker has retained its buy rating with a $15.50 price target. Commenting on the ASX 200 share, it said:
MP1’s 1H26 result was a beat relative to our and consensus EBITDA expectations. Revenue was inline, with gross profit higher and OPEX lower than expected. FY26 guidance is broadly inline with our expectations. However, the 1H/2H skew and composition are meaningfully different. This necessitates a huge increase in OPEX from 1H26 into 2H26 which leaves us thinking guidance looks conservative.
Cycling 2H26 OPEX into FY27 and beyond causes us to reduce our FY27 and FY28 EBITDA forecasts by ~20%, while concurrently lifting our revenue forecasts by ~6%. Our valuation declines to $15.50 and we retain our Buy recommendation.
Newmont Corporation (ASX: NEM)
This gold miner impressed with its fourth-quarter update. However, due to its current valuation, the broker only rates Newmont shares as accumulate (between buy and hold) with a $187.00 price target. It said:
4Q25 earnings result was a material beat. Key positives: earnings well ahead of expectations and 2026 guidance in-line with expectations. Key negatives: no increase in per share dividend, elevated spend over next few years, limited clarity on when NEM intends to reach its 6Mozpa target. Move to an ACCUMULATE rating with a A$187ps Target Price.
The post Buy, hold, or sell? Guzman Y Gomez, Megaport, and Newmont shares appeared first on The Motley Fool Australia.
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- Why UBS just upgraded Guzman Y Gomez shares to a buy
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.