The team at Morgans has recently updated its recommendations for a number ASX shares.

Three that have been identified as top opportunities for investors are listed below. Here's what the broker is recommending this month:

Chalice Mining Ltd (ASX: CHN)

Mineral exploration company Chalice Mining has been upgraded from hold to speculative buy by Morgans following the recent announcement of positive metallurgical results.

The key development is a revised processing flowsheet that eliminates the need for a hydrometallurgical circuit. This adjustment is expected to deliver cost savings of approximately $1.6 billion while also reducing project risk.

Morgans views Chalice as offering significant optionality on palladium group element (PGE) prices. In fact, the broker notes that its price target of $2.80 would increase by $1.20 for every $200 per ounce rise in palladium prices. This highlights the potential upside for investors if PGE prices strengthen over time.

Lovisa Holdings Ltd (ASX: LOV)

The broker remains bullish on Lovisa following its half year results and sees it as ASX share to buy.

This was despite slightly lower-than-expected like-for-like (LFL) sales in the first half of FY 2025. Morgans highlights that the fashion jewellery retailer has been accelerating its global store rollout, particularly in the U.S., and could be on track to surpass 1,000 stores before the end of the current half.

Looking ahead, its analysts see Lovisa's long-term investment case as highly compelling, given that it operates in 50 markets but remains underpenetrated in most of them.

Morgans has retained its add rating with a slightly trimmed price target of $35 (from $36).

NextDC Ltd (ASX: NXT)

Finally, NextDC could be an ASX share to buy according to the broker. It is a leading data centre operator with a growing footprint across the Asia-Pacific region.

Morgans notes that the company's first half results and outlook for FY 2025 were largely in line with expectations.

However, the broker concedes that the key challenge for investors is balancing the near-term increase in operating expenses (OPEX) with long-term growth prospects. It highlights that NextDC is investing heavily in expanding its infrastructure to position itself as a dominant digital supplier in the years ahead.

While these investments are currently a drag on EBITDA, Morgans believes they are necessary to capture future demand for digital infrastructure services. Encouragingly, a contracted revenue increase of over $200 million is already in place, meaning it is primarily a matter of timing before these investments start generating returns.

So, although some investors may be wary of the short-term cost impact, Morgans sees the company's strategic execution as the key to unlocking long-term shareholder value. Especially with the rapid expansion of digital infrastructure expected to continue for decades.

In light of this, Morgans has put an add rating and $18.80 price target on its shares.