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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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.

Electro Optic Systems Holdings Ltd (ASX: EOS) shares are taking a breather on Friday following a huge run over the past month.

At the time of writing, the EOS share price is down 5.54% to $10.40 apiece.

The stock opened at $10.82 and traded as high as $11.10 earlier in the session.

But the pullback follows a very strong run over the past few weeks.

Even after today’s fall, EOS shares are still up around 40% over the past month. And if you zoom out a little further, the shares have almost doubled since February this year.

So, are investors simply taking some money off the table, or is there more going on?

What is weighing on EOS shares today?

There doesn’t appear to be any fresh company news behind the drop, so this looks more like some profit-taking after a stellar few weeks.

EOS shares jumped 23% on Tuesday after the company released its half-year result, before adding another 6.2% on Wednesday. They then slipped 2.1% on Thursday and are giving back more ground today.

The rebound has been even more impressive since the end of July. EOS shares closed at just $6.10 on 30 July, meaning the stock has climbed more than 70% from that level in less than a month.

Given how quickly the shares have climbed, it’s easy to see why some investors might be cashing in some gains.

Why did the shares jump this week?

The half-year result gave investors plenty to get excited about.

Revenue from continuing operations surged 283% to $168.8 million, helped by a big increase in activity across its defence systems business. Underlying EBITDA also swung to a $21.6 million profit from a $14.9 million loss a year earlier.

There was still a $33.7 million loss from continuing operations, although that included a $34 million non-cash fair value loss tied to the MARSS acquisition.

The order book was probably one of the biggest numbers in the result. Contracted work reached around $846 million at 30 June, up from just $170 million a year earlier.

Management is now guiding to full-year 2026 revenue of $360 million to $400 million.

If EOS can hit that range, it would deliver record annual revenue and show investors just how quickly the business is growing.

Foolish takeaway

After climbing so fast over the past month, EOS shares could stay volatile in the near term.

I’d keep an eye on the $10 level first, which has become an important area for the shares this year. Above that, Thursday’s intraday high of $11.98 is another level to watch, before the stock runs into its 52-week high of $12.58.

Bell Potter also remains positive after the result, keeping its ‘buy’ rating and $12.60 price target.

That target sits right around the previous high, so the next test is whether EOS can keep winning contracts.

The post EOS shares are sinking 5% today. Is the huge rally running out of steam? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX 200 shares today
• What is Bell Potter saying about EOS shares after its results?
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today
• Buy, hold, sell: Bendigo and Adelaide Bank, PLS, EOS shares

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 Electro Optic Systems. 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.