The last few weeks have been very busy for investors with countless ASX shares releasing results, updates, and presentations.

The good news is that the team at Morgans has done the hard work for you and run the rule over it all and then given its verdict.

With that in mind, let's take a look at what the broker is saying about TechnologyOne Ltd (ASX: TNE), Wesfarmers Ltd (ASX: WES), and Xero Ltd (ASX: XRO) shares.

TechnologyOne

Morgans was impressed with this enterprise software company's half year results. It notes that its profit before tax (PBT) was comfortably ahead of its forecasts.

While this has led to the broker boosting its forecasts slightly and valuation materially, it isn't enough for an upgrade. It has retained its hold rating with a $36.85 price target. It explains:

TNE's 1H25 PBT grew +33% YoY to $81.9m, beating MorgF & consensus by ~10%/4% respectively, however benefited from timing of marketing spend in the 1H. Adjusting for this PBT growth was ~23% YoY. The company continued to illustrate strong momentum across the business, which would imply FY25 PBT guidance remains conservative at 13-17% (Vs. MorgF +19%). We upgrade our EPS forecasts by 1-3% in FY25-27F, & our target price lifts ~23% to $36.85 (prev $29.90) reflecting refresh in peer multiples. This sees our Hold recommendation retained.

Wesfarmers

Another ASX share that released an update this month is Wesfarmers. Morgans notes that its annual strategy briefing demonstrated that there's still plenty of growth left in its Kmart and Bunnings businesses. It said:

WES's annual strategy briefing day provided insights into the growth opportunities available for each business division and the strategy going forward. No trading update was provided for the retail divisions but updated guidance was given for the Lithium business. Regarding consumer behaviour, management said there's largely been a continuation of trends seen in February with lower income households doing it tough and those that own homes continuing to spend.

And while the broker suspects that Wesfarmers is destined to deliver a result in line with expectations this year, it is sitting on the fence with its shares until they trade at a more attractive level. It said:

Given management only provided guidance for the Lithium business, we take this to indicate they are comfortable with consensus forecasts for the remaining divisions. We therefore see less risk of disappointment at the upcoming FY25 result and increase our target price to $75.80 (from $72.05). With a 12-month forecast TSR of -5%, we retain our Hold rating.

Xero

This cloud accounting platform provider impressed the broker with its half year results.

It was particularly pleased with Xero's improved sales traction (especially in the United States) and good cost control. It said:

XRO's result and outlook commentary were largely inline with expectations. For us, the highlights of the result was improved sales traction and tight cost management, which are supportive of accelerated investment in growth.

In response, Morgans upgraded Xero's shares to a buy rating with an improved price target of $215.00.