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Are you hunting for some new investment ideas? If you are, then let’s take a look at three popular ASX shares and see if Morgan buys, holds or sells them.
Here’s what the broker is saying about them:
EVOLUTION MINING LIMITED (ASX: EVN)
The gold miner posted a strong second-quarter update, according to Morgan Stanley. It highlighted that Evolution Mining reported production and costs that were better than expected, as well as record cash flow.
However, given its current valuation, Morgans maintains its TERM rating (between sell and hold) with an outperform price target of $13.20. He said:
Strong 2Q26 with gold yields beating expectations. EVN generates record cash flow once again. We expect EVN to reach net cash by the end of FY26. We maintain our TERM rating when we see the stock as fully valued. However, we see merit in retaining some exposure given EVN’s significant gains in gold and copper prices, which are currently at record levels.
Morgan was impressed by the investment platform provider’s performance during the second quarter. It highlighted that its platform’s net flows were the largest on record and comfortably ahead of expectations.
But given its current valuation, the broker maintains a hold rating and a $110.60 price target. He said:
Hub’s 2Q26 platform net flow of $5.6bn was the group’s biggest on record, ahead of consensus expectations of $4.6bn. On an underlying basis (excluding the $1.5 billion outflow from EQT migration in 2Q25), underlying net inflows were up +42% YOY. This strong organic momentum was also supported by positive mark-to-markets during the quarter which saw Hub report total FUA ~a 152.3bn, +26% YOY, and platform FUA ~a 127.9bn, +29% YOY.
We see the company on track to deliver strong growth in its upcoming 1H26 results and reach its FY27 platform FUA targets. We upgrade our core NPAT forecast by 1-2% and maintain our hold rating with an unchanged $110.60 price target.
One final ASX share Morgans is looking at is Rio Tinto. It’s good to see the mining giant maintaining its shipment guidance in fiscal 2025 despite storm disruptions earlier in the year. It was also pleased with copper production, which was ahead of expectations.
Again, though, the broker believes Rio Tinto’s shares are fully valued. Consequently, it maintains its Term rating and price target of $140.00. He said:
Record 4Q Pelebra production and shipments enabled Rio to land at the lower end of Cy25 guidance, recovering from storm disruptions at 1Q. Copper defeats up to 14% on Skonda and Oyo Tolgoi strength. Samandu received the first shipment as directed in December. The sun shines with copper and iron beats, but a quarter that will be hard to repeat with Pelebra deliveries to generalize and Escondida grades moderate in CY26. The assessment is spread over the current level. We maintain our TERM rating with a target price of No Change at $140.
