S&P/ASX All Ords Index (ASX: XAO) shares are 0.5% higher at 9,290.9 points on Friday.

As earnings season nears its end, brokers have updated their ratings as 12-month price targets on many ASX All Ords shares.

The following four shares have major upside potential over the next 12 months, according to the experts.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price is $4.75, up 2.8% today and down 80% over 12 months. 

Canaccord Genuity reiterated its buy call on this ASX retail share following the online furniture seller’s FY26 results.

The broker has a 12-month target price of $9, which implies a potential 89% upside from here.

betr Entertainment Ltd (ASX: BBT)

The betr Entertainment share price is 20 cents, up 1% today and down 34% over 12 months.

Morgans maintained its buy rating on this ASX consumer discretionary share after the company’s FY26 results.

The broker kept its target price at 36 cents, implying a potential 82% upside from here.

Morgans said:

BETR Entertainment (BBT) finished the year strongly, with normalised EBITDA of $6.1m in the second half against guidance of $5m to $8m, a $19.3m swing on the first half.

Full year normalised EBITDA of -$7.1m was a touch below our -$6.2m, with a gross profit beat offset by a higher cost of doing business.

Encouragingly, current trading remains healthy. Through the first eight weeks of FY27, turnover is up more than 20%, new customers have almost doubled, CPA is down 31% and promotional cost is down 9%, all excluding the FIFA World Cup.

The company announced the launch of its new first to market ‘Wildcards’ same game multi (SGM) feature that will launch during the Wildcard AFL round this weekend.

Judo Capital Holdings Ltd (ASX: JDO)

The Judo Capital share price is $1.01, down 0.8% today and down 42% over 12 months. 

Morgans reiterated its buy recommendation on this ASX bank share after reviewing Judo’s FY26 results.

The broker said: 

FY26 PBT landed towards the top end of the revised guidance range and FY27 guidance was reaffirmed offering strong earnings growth.

EPS forecasts moderated 2-6%.

The broker trimmed its 12-month price target from $1.47 to $1.42, suggesting a potential 40% upside ahead.

DigiCo Infrastructure REIT (ASX: DGT)

The DigiCo Infrastructure REIT share price is $2.62, up 1.2% today and down 12% over 12 months. 

Morgans kept its buy rating in place on this ASX real estate investment trust (REIT) after DigiCo’s FY26 results.

The broker has a 12-month price target of $3.60, implying a 37% upside ahead.

The broker said: 

The signed Letters of Intent (LOIs) over the remaining 52MW would take the Australian portfolio to full capacity — a strong demand signal that de-risks management’s pathway to $250m of EBITDA.

However the ramp-up in earnings is back-ended, hence FY27 guidance was ~8% below MorgansF and ~13% below Consensus.

Liquidity of ~$1.2bn funds the ~$1.2bn capex bill, with management calling out no need for additional equity.

We still see clear value, but the cashflows are pushed out — this is now an FY28-into-FY29 story.

The post 4 ASX All Ords shares with 40% to 90% upside post-results: experts appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Breville, Car Group, Temple & Webster shares
• Here are the top 10 ASX 200 shares today
• Buy, hold, sell: Judo Capital, Healius, BHP shares
• Buy, hold, sell: DigiCo Infrastructure REIT, CBA, Telstra shares
• 2 ASX shares that could rise up to 45% following earnings results 

Motley Fool contributor Bronwyn Allen 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 Temple & Webster Group. The Motley Fool Australia has recommended Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Northern Star Resources Ltd (ASX: NST) shares are having another good day on Friday.

At the time of writing, the gold miner’s shares are up 1.13% to $24.61.

It continues a strong run over the past month, with Northern Star shares now up around 21% since the end of July.

That bounce has helped the stock claw back some of its earlier losses. The shares are now up around 30% over the past 12 months, although they are still down roughly 8% in 2026 and remain well below their 52-week high of $31.96.

So, what’s been giving Northern Star shares a lift lately?

Gold prices are helping

One thing working in Northern Star’s favour right now is the gold price.

Gold is trading around US$4,583 an ounce and has climbed almost 13% over the past month, which is giving gold miners a nice tailwind.

Northern Star’s FY26 result also showed just how much that stronger gold price can help.

Revenue rose 19% to $7.62 billion, even though gold sold fell 6% to 1.54 million ounces. Helping offset the lower sales volume was the average realised gold price, which jumped 26% to $4,925 an ounce.

Underlying EBITDA increased 22% to $4.27 billion, while statutory net profit rose 24% to $1.66 billion.

Shareholders also got a fully franked final dividend of 30 cents per share.

Investors clearly liked what they saw, with the stock jumping 6.2% on 20 August when the result was released.

What happens next at KCGM?

A lot now comes down to how the KCGM expansion plays out.

Northern Star is now commissioning the larger processing plant, with the project expected to play a bigger role in production and cash flow over the coming years.

Management is guiding to FY27 gold production of 1.5 million to 1.65 million ounces, with all-in sustaining costs (AISC) of $3,050 to $3,450 an ounce.

Spending is still going to be high, though. Capital expenditure is expected to come in between $2.55 billion and $2.94 billion as work continues across KCGM and the Hemi project.

Keep in mind that this investment weighed on FY26 underlying free cash flow, which fell 64% to $190 million.

Managing director Stuart Tonkin called the company an “important inflection point”, with the KCGM expansion expected to help lift free cash flow as the ramp-up continues.

What are brokers saying?

Despite the recent rally, brokers aren’t all convinced there is much upside left.

According to TipRanks, the average 12-month price target is $23.08, which sits below where Northern Star shares are trading today.

Of the 11 analyst ratings, 2 are ‘buys’, 8 are ‘holds’ and 1 is a ‘sell’.

Jefferies is more positive, though. The broker kept its ‘buy’ rating after the FY26 result and lifted its price target to $27.

With the shares now at $24.61, Jefferies still sees the stock heading a little higher from here.

The post Northern Star shares are closing in on $25. Can the rally keep going? appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Thursday
• 2 ASX 200 shares I’d buy and 2 I’d avoid amid a surging Aussie dollar
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Monday
• Brokers name the ASX 200 winners and losers from the first half of reporting season

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 no position in any of the stocks mentioned. 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.

S&P/ASX 200 Index (ASX: XJO) shares are 0.4% higher at 9,070.7 points on the second last day of earnings season.

Brokers have been busily reviewing earnings results and updating their ratings and 12-month price targets accordingly.

Here is a sample of ASX shares that have scored upgraded ratings, and why.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price is $2.68, up 2.2% today and down 13% over 12 months.

Sigma Healthcare released its FY26 results this week.

Morgans upgraded the ASX 200 healthcare share from accumulate to buy today.

The broker shaved its 12-month price target from $3.30 to $3.19.

This implies a potential 12% upside ahead.

Morgans said:

SIG has posted its FY26 result which was in line with our and consensus forecasts. Highlights included EBIT growth of >20%, Australia CW LFL sales were 13.4% (1H 15.0%; 2H: 11.8%), International CW LFL sales of 12.2%.

We note the slight moderation in 2H in Australia was driven by a later start to the cold and flu season and cycling a very strong pcp.

SIG is targeting double-digit revenue and earnings growth for FY27.

The market has marked the shares down 7% post the FY26 results and possible sell down by some of the founders (up to 4.7% of issued capital).

We believe the share price fall is overdone and provides us with an opportunity to move our recommendation to BUY (from ACCUMULATE).

Adairs Ltd (ASX: ADH)

The Adairs share price is $1.41, down 2.1% today and down 49% over 12 months.

Adairs released its FY26 report this week.

Morgans upgraded the ASX consumer discretionary share to a buy rating.

The broker has a 12-month price target of $1.80, suggesting 27% upside from here.

Morgans said:

ADH reported FY26 underlying EBIT of $55.0m which was down 0.4% on the pcp and within guidance range of $53.5-55.5m.

Adairs and Mocka delivered strong EBIT growth (+14.9%/ +32.1%).

Focus on Furniture remains a drag with EBIT down 67.6% to $3.8m (~$2.0m loss in 2H) with management now guiding a two-year turnaround.

Given the underperformance, ADH recognised a non-cash impairment charge of $63.5m ($56.7m post tax).

We see the core Adairs banner set to deliver strong growth in FY27 driven by GM improvement and cost control, along with solid growth in Mocka offsetting weakness in Focus.

Given the share price weakness, we have upgraded to a BUY recommendation (from ACCUMULATE).

Polynovo Ltd (ASX: PNV)

The Polynovo share price is $1.04, up 1% today and down 24% over 12 months.

Polynovo released its FY26 earnings this week.

Bell Potter upgraded Polynovo shares to a buy rating today.

The broker increased its 12-month price target from $1 to $1.22.

This suggest a potential 18% upside ahead.

Bell Potter said:

The key concerns underpinning our July downgrade have eased sufficiently to restore confidence in the earnings outlook.

US trading improved into year-end and July, gross margin pressures appear largely temporary, and better-than-expected cost control
provides greater operating leverage as revenue scales.

We also see incremental upside from SynPath, with management now outlining a clearer strategy for entry into the US outpatient market, which is not yet reflected in our forecasts.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is $21.60, up 0.4% today and down 38% over 12 months.

Netwealth released its FY26 earnings this week.

Morgans raised the ASX 200 financial share to a buy call with a $27.50 target.

This implies potential gains of 28% ahead for Netwealth shares.

Morgans said:

NWL reported FY26 Revenue +21%; EBITDA +18%; and NPAT +16% on pcp, which was largely in line with MorgF / Consensus expectations.

Whilst flows momentum 1Q27 to date has seen a slower start, NWL reaffirmed its FY27 Flows guidance of $18-20bn, with the cadence of flows from MS and other sources expected to step up over the course of the year.

The post 4 ASX shares scoring upgrades in the final week of earnings season appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Netwealth, Sigma Healthcare, and Wesfarmers shares
• 3 ASX 200 shares to buy post-results: broker
• Why now is the time to buy low on these ASX healthcare shares with up to 84% upside
• 5 things to watch on the ASX 200 on Friday
• 3 excellent ASX shares I’d buy for long-term wealth creation

Motley Fool contributor Bronwyn Allen 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 Adairs, Netwealth Group, and PolyNovo. The Motley Fool Australia has positions in and has recommended Adairs and Netwealth Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.