Buy, hold, sell: Cleanaway, Hub24, and MAAS shares

The team at Morgans has been busy running the rule over a number of ASX shares this week.

Does it rate them as buys, holds, or sells? Let's see what the broker is saying:

Cleanaway Waste Management Ltd (ASX: CWY)

Morgans notes that this waste management company released its investor day update this week.

While this has led to the broker trimming its medium-term earnings estimates and reducing its valuation, it still sees plenty of value in Cleanaway shares.

As a result, it has retained its buy rating with a new price target of $2.80. It said:

CWY hosted an investor strategy day and tour of its Melbourne Regional Landfill. It discussed how it intends to grow earnings and cashflows across its FY27-30 strategy period. We expect investors will be particularly pleased by management's language about expected free cashflow growth (hasn't historically kept pace with underlying earnings growth).

We moderate our EPS forecasts so as to move closer to CWY's medium term growth expectations. FY27 consensus EPS looks likely to be downgraded as higher interest rates are reflected in interest costs. Target price reset to $2.80ps given lower long-term growth assumption. BUY retained given c.21% potential TSR at current prices.

Hub24 Ltd (ASX: HUB)

This investment platform provider delivered a third-quarter update that was largely in-line with expectations.

Overall, Morgans believes this leaves Hub24 well-placed to deliver on its FY 2027 targets.

This has led to the broker retaining its accumulate rating on Hub24 shares with a $96.50 price target. It said:

HUB's 3Q26 net-flows of $4.0bn came in largely in-line with MorgF, albeit the period saw near-term run-rate momentum slow, with HUB's flows only marginally exceeding NWL's during the quarter. Positively, adviser growth accelerated in 3Q26, which remains supportive of net inflows outlook.

Market momentum remains positive month to date in Apr'26, placing mark-to-markets on track to recover lost momentum in Mar'26 (ASX200 +5.5% MTD) HUB's FY27 FUA growth trajectory remains on track despite near-term headwinds. We retain our ACCUMULATE rating, with a revised price target of $96.50/sh.

Maas Group Holdings Ltd (ASX: MGH)

Another ASX share that Morgans has been looking at is Maas Group. It is a construction materials, equipment, and service provider.

Morgans highlights that the company is well-placed for growth thanks to work relating to Firmus data centre projects.

And after adjusting for its significant cash balance, the broker thinks Maas shares are being significantly undervalued by the market.

As a result, it has put a buy rating and $6.00 price target on its shares. It said:

MGH management have set a new course, underpinned by a growing pipeline of Firmus related data centre projects and $130m of EBITDA from the existing (and growing) civil construction and engineering division. The business currently has a market cap of $1.8bn, with a net cash balance of c.$650m (post transaction and Firmus investment) and an expanded data centre pipeline to potentially deliver c.$333m of value.

Netting out cash ($650m) and our estimate of the Firmus earnings (PV: $245m), we derive a net market cap of $870m, reflecting a PER (net of cash) of 11.8x (on the residual business) – cheap given the DC optionality and relative to peers (c.15x PER). Whilst the new strategic vision for MGH is in its infancy, the current share price is too cheap on a fundamental basis, while the blue sky potential gives investors the chance for outsized returns. On this basis, we reiterate our Buy recommendation with our target price increasing to $6.00/sh.

The post Buy, hold, sell: Cleanaway, Hub24, and MAAS shares appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro 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 Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026