Buy, hold, sell: Boss Energy, Magellan, and NextDC shares

There are a lot of options for investors to choose from on the ASX.

So, to narrow things down, let's see what analysts at Morgans are saying about the three popular ASX shares listed below.

Here's how the broker rates these shares:

Boss Energy Ltd (ASX: BOE)

Morgans was disappointed with this uranium producer's guidance for FY 2027, which revealed weaker than expected production and higher than expected costs.

In response to the update, the broker has downgraded Boss Energy shares to a sell rating with a $1.30 price target. It said:

Guidance rest and expectations move lower – FY27 guidance implies a ~15% production downgrade versus consensus even at the top end of the range, while C1 costs and AISC are ~15-18% above market expectations. While FY26 was broadly in line, FY27 guidance is likely to drive a reset in earnings expectations. 

Honeymoon new feasibility study – The updated feasibility study outlines a more achievable development pathway with improved unit economics and lower sustaining capital intensity; however, the 13.8Mlb production profile sits below the ~15.1Mlb assumed by consensus, shifting the debate towards whether improved margins can offset lower volumes. Following material downgrades to our forecasts, we move to a SELL (previously ACCUMULATE) with a reduced-price target of A$1.30ps (previously A$1.40ps).

Magellan Financial Group Ltd (ASX: MFG)

The broker was relatively pleased with Magellan's performance in FY 2026. Although its profits were down year on year, they were above consensus estimates.

And while there are headwinds in FY 2027, Morgans remains positive on its medium term growth outlook. As a result, it has an accumulate rating and $10.25 price target on Magellan's shares. It said:

MFG's group operating profit after tax (A$145m) was down 9% on the pcp (A$159m) and 2% above consensus (A$142m). Guidance was the main factor weighing on the result, with management flagging numerous headwinds for FY27 – which shapes up as a consolidation year – alongside signs of a slowdown in Barrenjoey growth in 2H26 (despite otherwise impressive overall numbers). 

We downgrade our MFG FY27F/FY28F EPS by ~10-20%, reflecting disclosed guidance impacts to earnings and greater conservatism in our Barrenjoey growth forecasts. Our price target falls from A$11.26 to A$10.25. While MFG faces some near-term pressures, we continue to believe the company is well positioned to drive medium-term growth. With >10% upside to our price target, we maintain our ACCUMULATE call.

NextDC Ltd (ASX: NXT)

Finally, this data centre operator impressed with its FY 2026 results and guidance for FY 2027. 

However, Morgans hasn't seen quite enough to recommend it as a buy. So, for now, the broker has moved to a hold rating with a $15.00 price target. It explains:

NXT's FY26 and FY27 outlook were both above expectations. Customer demand remains insatiable and NXT is on a glide path to materially higher EBITDA. We lift our EBITDA forecasts materially on a faster ramp-up of contracted MW. 

We see the value creation from substantial FY26 deals but cannot avoid the investment markets reasonable fixation on the funding envelop. We think, until NXT delivers more steps along the path to a capital recycling program, the stock could lack marginal buyers. We move to a Hold recommendation, for now.

The post Buy, hold, sell: Boss Energy, Magellan, and NextDC shares appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Nextdc. 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.

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