Megaport Ltd (ASX: MP1) is back on my radar after a pretty wild few months.

The S&P/ASX 200 Index (ASX: XJO) tech stock is up around 44% in 2026, but that figure hides just how much the share price has fluctuated.

Megaport traded below $7 in April, then surged past $20 and eventually hit a 52-week high of $22.98 last month. The shares have since fallen back to $16.93, although they are up 3.74% today.

I think that pullback has made the stock much more interesting.

Here’s why I think Megaport shares could still have much further to go.

FY27 could be a big one

Megaport’s FY26 result was strong, but it’s the outlook for FY27 that makes me particularly bullish.

Revenue increased 37% to $312.2 million, while EBITDA rose 24% to $77.1 million.

Management is now targeting FY27 revenue of between $620 million and $730 million, along with an EBITDA margin of 38% to 40%.

That would be a big jump from FY26, helped by the Latitude.sh acquisition and the expansion of Megaport’s compute business alongside its existing network operations.

There is also plenty of revenue already coming through the door.

Megaport has announced 3 major contracts worth a combined $506 million, which are expected to add around $129 million in annual recurring revenue (ARR).

There’s still plenty to deliver over the next 12 months, but I think those contract wins make the FY27 growth outlook very exciting.

Brokers are bullish

The broker outlook is another reason I think the recent pullback looks enticing.

TipRanks currently shows 9 buy ratings and no holds or sells among the ranked analysts covering the stock.

The average 12-month price target is $24.99, which is almost 50% above the current share price.

JPMorgan is the most bullish with a $28 target, while Macquarie is at $27.80, UBS is at $26.40, and Jefferies is at $26.

Morgans, Morgan Stanley, and RBC Capital all have $25 targets.

Even the lowest forecasts remain comfortably above today’s price, with Citi at $22.10 and Ord Minnett at $22.

Why it’s back on my buy list

What I like most here is that the share price has pulled back while the outlook for the business has improved.

Megaport shares are now more than 25% below their 52-week high, despite stronger FY27 guidance and several large contracts already secured.

Yes, there are still risks around spending and execution, but I think the current price looks much more attractive.

Add in the strong growth, AI exposure, and 50% broker upside, and I think Megaport is a bargain at these levels.

The post A 50% upside? This ASX 200 tech stock is back on my buy list appeared first on The Motley Fool Australia.

More reading

• This broker is tipping 33% upside for Megaport shares
• Morgans names 3 ASX tech stocks to buy
• Megaport shares just plunged 20%. Is this a buying opportunity?
• 3 ASX shares I’d buy for their global growth potential
• Two ASX data centre stocks rated a buy

Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Aaron Teboneras 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 JPMorgan Chase, Jefferies Financial Group, Macquarie Group, and Megaport. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX All Ords Index (ASX: XAO) shares are up 0.01% to 9,199.6 points on Friday.

With earnings season over, brokers have been updating their ratings and 12-month price targets on hundreds of companies.

The following ASX shares are among those that received upgrades based on their latest financial results.

Telstra Group Ltd (ASX: TLS)

The Telstra share price is $4.80, up 0.8% today.

Over the past month, this ASX telco share has fallen 6%.

Citi upgraded Telstra shares to a buy recommendation with a 12-month price target of $5.25.

This implies a potential 9% upside ahead.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is $11.62, up 3.2% today.

Over the past month, this ASX uranium share has ripped 21%.

Macquarie upgraded Paladin Energy shares to a buy rating on Wednesday.

The broker raised its 12-month price target from $12.95 to $13.85.

This implies a potential 19% upside ahead.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is $8.62, up 0.7% today.

Over the past month, this ASX financial share has fallen 14%.

JP Morgan upgraded Magellan shares to a hold rating this week.

The broker lifted its 12-month price target from $9 to $9.80.

This suggest a potential 13% upside ahead.

Centuria Capital Group (ASX: CNI)

The Centuria Capital Group share price is $1.26, up 1.6% today.

Over the past month, this ASX real estate investment trust (REIT) has slumped 16%.

MA Financial Group upgraded Centuria Capital Group shares to a buy call on Wednesday.

The broker lowered its 12-month price target from $2.18 to $1.83.

This indicates capital gains of 45% over the next year. 

IGO Ltd (ASX: IGO)

The IGO share price is $8.08, down 4% today.

Over the past month, this ASX lithium share has jumped 14%.

Goldman Sachs upgraded IGO shares to a buy rating yesterday.

The broker lifted its 12-month price target from $8.10 to $9.50.

This suggests potential capital growth of 17% over the next year. 

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup Corporation share price is $11.55, up 0.2% today.

Over the past month, this ASX industrials share has declined 13%.

Morgan Stanley upgraded Smartgroup shares to a buy rating yesterday.

The broker raised its 12-month price target from $11 to $13.

This implies a potential 13% upside ahead.

Centuria Industrial REIT (ASX: CIP)

The Centuria Industrial REIT share price is $2.94, down 0.5% today.

Over the past month, this ASX REIT has fallen 3%.

Morgans upgraded Centuria Industrial REIT shares to a buy call with a $3.25 target.

This suggest a potential 11% upside ahead.

South32 Ltd (ASX: S32)

The South32 share price is $5.22, up 0.1% today.

Over the past month, this ASX mining share has leapt 11%.

RBC Capital upgraded South32 shares to a buy recommendation this week.

The broker increased its 12-month price target from $5.30 to $5.50.

This implies a potential 5% upside ahead.

The post 8 ASX shares upgraded by the professionals post-results this week appeared first on The Motley Fool Australia.

More reading

• How much is needed in superannuation to target a $60,000 annual passive income?
• 5 things to watch on the ASX 200 on Friday
• 40 ASX shares with ex-dividend dates next week
• These 2 ASX energy shares have 18-31% upside according to Bell Potter
• 11 ASX 200 shares with reaffirmed buy ratings post-results

Citigroup is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in Magellan Financial Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, JPMorgan Chase, Jefferies Financial Group, and Macquarie Group. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Ma Financial Group, Macquarie Group, and Smartgroup. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Rio Tinto Ltd (ASX: RIO) has had a pretty impressive 2026 so far.

The shares are up around 20% since the start of the year and more than 50% over the past 12 months.

The shares climbed as high as $195.84 earlier this year before falling back towards $160 in late July. Since then, the stock has worked its way higher again and is trading at $175.65 on Friday, down 0.82%.

So, do Rio Tinto shares still look like good value?

The shares aren’t exactly cheap

I don’t think the shares look especially cheap at current levels, but I also wouldn’t call them expensive.

Consensus forecasts point to earnings per share (EPS) of around $12.07 in FY26 and $12.04 in FY27. At today’s share price, that puts Rio Tinto on roughly 14.5 times forecast earnings.

There isn’t much growth in those numbers, although that is hardly unusual with a miner. Earnings can move around a lot from year to year depending on commodity prices.

The latest half-year result was also pretty strong.

Revenue rose 15% to US$31 billion, while underlying EBITDA increased 28% to US$14.8 billion. Underlying earnings climbed 43% to US$6.85 billion and operating cash flow rose 75% to US$9.8 billion.

That also allowed Rio Tinto to lift its interim dividend by 43% to US$2.11 per share.

There’s more than just iron ore

Iron ore is still the biggest part of Rio Tinto’s business, so earnings will always be sensitive to commodity prices and demand from China.

But the company is gradually becoming less reliant on it.

Copper, aluminium and lithium contributed more than half of underlying EBITDA in the first-half, while copper production from Oyu Tolgoi jumped 31%.

That gives Rio Tinto an interesting growth story, especially with copper demand expected to remain strong over the longer term.

And there is also more production still to come. Oyu Tolgoi continues to ramp up, while the Simandou iron ore project in Guinea is another major development that could add to volumes over the next few years.

What do brokers think?

This is where things get a bit more mixed.

TipRanks shows an average 12-month price target of $174.28 across 10 analysts, which is almost exactly where the shares trade today.

JPMorgan is the most bullish with a $207 target, while Ord Minnett and Jefferies are both at $187. Goldman Sachs has a target of $181.90 and Macquarie is at $180.

At the other end, Morgan Stanley has a ‘sell’ rating and $150 target, while RBC Capital is even more cautious at $143. Citi is at $171 and UBS at $177.

I think Rio Tinto still looks reasonably priced, but I wouldn’t be rushing in after a 20% rise this year. I’d rather wait for another pullback below $150 before buying around these levels.

The post Up 20% this year, are Rio Tinto shares still good value? appeared first on The Motley Fool Australia.

More reading

• What’s driving the ASX 200 higher today?
• Here’s how Fortescue, Rio Tinto and BHP shares stacked up in August
• How much passive income can I earn off a $630,000 superannuation balance
• Is it a great time to buy Rio Tinto shares?
• Buy, hold, sell: Rio Tinto, PLS Group, BHP shares

JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Aaron Teboneras 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 Goldman Sachs Group and JPMorgan Chase. 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.