Morgans rates these ASX shares as buys with up to 55% upside

Are you looking for some new portfolio additions? If you are, it could be worth considering the three ASX shares in this article.

They have been named as buys by Morgans and are tipped to rise 15% to 55% from current levels. Here’s what the broker is recommending to clients:

Catapult Sports Ltd (ASX: CAT)

Morgans was pleased with this sports technology company’s recent FY 2026 results.

In response, the broker put a buy rating and $5.40 price target on its shares. Based on its current share price of $3.52, this implies potential upside of 53% for investors over the next 12 months.

Commenting on Catapult, Morgans said:

CAT’s FY26 result confirmed strong organic momentum, with revenue US$141m (+19% c/c) and closing ACV US$134m (+28% c/c) at the top of guidance, while Management EBITDA of US$25m (17.6% margin, +67% pcp) beat MorgansF. Operating leverage is now evident, with a 41% incremental margin (48% ex-acquisitions) in the period. ACV per pro team crossed US$30k for the first time whilst SaaS metrics improved.

We trim FY27-FY29F Management EBITDA by 6-8% factoring in the result. Our price target is lowered to A$5.40 (from A$5.55) on these changes, offset to a degree by a valuation roll forward. BUY maintained.

Goodman Group (ASX: GMG)

Another ASX share that Morgans is bullish on is integrated industrial property company Goodman.

Following the release of its third-quarter update, the broker has put a buy rating and $36.00 price target on its shares. Based on its current share price of $31.20, this suggests that upside of 15% is possible.

The broker commented:

GMG’s 3Q26 update reinforced a deliberate strategy: deploy balance-sheet capital ahead of customer commitments to win the race for power-enabled metro data centre (DC) capacity. WIP is set to step from $14.5bn at Mar-26 to a record c.$18bn by Jun-26 (Consensus $17.7bn), with the power bank lifted to 6.4GW. Operationally the update was mixed, with pre-committed share, production rate and Yield On Cost (YOC) all relatively flat hoh.

The structurally important note was management’s view that industry DC capex requirements likely exceed global capital market funding capacity, a backdrop that favours those with secured power, sites and locked-in capital partners.

Guzman Y Gomez Ltd (ASX: GYG)

A third ASX share that gets the thumbs up from Morgans is burrito seller Guzman Y Gomez.

It was pleased with the company’s decision to exit the US market. In response, it put a buy rating and $29.40 price target on its shares. Based on its current share price of $18.95, this implies potential upside of 55%.

Speaking about the company, Morgans said:

GYG announced the immediate exit of its US operations, a business that we forecast generated a significant FY26 underlying EBITDA loss and required materially more capital than could be justified by prospective returns. We view this as a positive catalyst, notwithstanding that the market has previously ascribed meaningful optionality value to the US as a long-term growth engine.

The exit removes a loss sooner than consensus anticipated and simplifies the story while the Australian operations are performing well and in line with expectations. Stripping out the US losses results in material upgrades to our EBITDA and NPAT forecasts. We maintain our BUY rating and upgrade our price target to A$29.40.

The post Morgans rates these ASX shares as buys with up to 55% upside appeared first on The Motley Fool Australia.

More reading

• Why there could be hidden value in REITs right now
• 3 amazing ASX growth shares to buy and hold forever
• 3 high-quality Australian shares I’d buy with $10,000
• Why these ASX blue-chip shares are strong buys right now
• These shares are being dumped from the ASX 200 index

Motley Fool contributor James Mickleboro has positions in Goodman Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Catapult Sports and Goodman Group. The Motley Fool Australia has positions in and has recommended Catapult Sports. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.