3 ASX shares with fresh buy ratings and big upside from Morgans

With earnings season in the rear view mirror, brokers are adjusting their outlooks for multiple ASX shares. 

This week, the team at Morgans have placed fresh buy ratings on three ASX shares. 

Here is what the broker had to say. 

Echo IQ Ltd (ASX: EIQ)

EchoIQ develops, markets and commercialises software, products and services. 

Its share price has rocketed over 500% in the last 12 months. 

Morgans said the FY26 annual report already reported its important FY26 figures during the year in its quarterly updates. The annual report didn't contain a major surprise.

The market is still waiting on an FDA decision for its Heart Failure (HF) application, which remains the key near-term catalyst and value inflection driver. Despite delays, we maintain a positive view on approval. Speculative Buy retained and A$1.85 p/s target price unchanged.

From current levels, this target indicates 40% upside. 

Qualitas Ltd (ASX: QAL)

Qualitas provides real estate management services.

Commenting on its recent results, Morgans said FY26 normalised NPBT was up 20% (vs pcp), 1% above Morgans' forecast and in line with consensus.

More importantly, FY27 guidance for NPBT of $74m to $80m was above MorgansF and bracketing consensus – a modest beat. The FY26 result leant on performance fees while the recurring base management fee line was broadly in line. 

Operationally, QAL keeps benefiting from the retreat of retail and wholesale lenders (better terms and deal flow) and strong institutional demand for underlying funds, with a record $6.5bn deployed at a post-IPO high of 45.4% gross operating margin.

Based on this guidance, Morgans retained its buy recommendation and $3.90 price target. 

From current levels, this indicates over 32% upside. 

Peoplein Ltd (ASX: PPE)

Peoplein is a workforce solutions company operating in Australia and New Zealand.

The company released full-year results earlier this week. 

Morgans said FY26 saw the completion of its portfolio simplification, with two subscale divisions divested (c.35% of the business) and the ongoing operations returned to growth. 

Group Normalised EBITDA of $19.0m (+1.6% pcp) was in line with Morgans.

Debt continues to decline, with capital management centred on dividends/buybacks, along with incremental M&A. Second-half momentum was the feature, with 2H26 Normalised EBITDA up 19.0% on 2H25 and Engineering, Trades and Labour up 122.7%, as the Queensland infrastructure ramp began to convert. We retain our Speculative BUY with a revised A$1.00 target price.

This target indicates over 52% upside from current levels. 

The post 3 ASX shares with fresh buy ratings and big upside from Morgans appeared first on The Motley Fool Australia.

Motley Fool contributor Aaron Bell 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 Peoplein. The Motley Fool Australia has recommended Peoplein and Qualitas. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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