Analysts at Morgans have been busy looking back at last month's earnings season and have identified a number of ASX shares that they are describing as "key picks".

Let's now take a look at two that the broker is tipping as buys this week. They are as follows:

NextDC Ltd (ASX: NXT)

Morgans thinks that investors should be snapping up NextDC shares right now.

Its analysts believe the data centre operator's earnings could double in the coming years thanks to its expansion plans. It explains:

The stock increased by approximately 4% over the month and recently secured additional capital, positioning the company with strong funding to scale its business internationally. Future share price performance will likely hinge on securing significant new contracts. While major contract wins are anticipated, it's important to note that contracts secured in the past year or two typically take 2-3 years to fully ramp up, suggesting that EBITDA could double based on these existing agreements.

Morgans has an add rating and $20.50 price target on its shares. Based on its current share price of $17.13, this implies potential upside of 20% for investors over the next 12 months.

Light & Wonder Inc (ASX: LNW)

Another ASX share that has been named as a key pick by analysts at Morgans following earnings season is Light & Wonder.

It is a leading cross-platform global games company with a focus on gambling products and services.

Morgans has been impressed with the company's performance so far in FY 2024. It explains:

LNW delivered an impressive 2Q24, with revenue reaching $818 million, up 12% from the previous year and 3% above forecasts. Adjusted EBITDA grew 17% to $330 million, surpassing consensus expectations by 7% and our estimates by 2% at a margin of 40.3%. This margin improvement was largely driven by strong performance in land-based gaming and a continued shift towards premiumisation. Notably, North America remains a key growth driver, making sixteen consecutive quarters of growth in Gaming Operations. The company generated $141 million in operating cash, a significant improvement on the prior comparative period. Net debt to EBITDA ratio remained stable at 3x, within the company's target range of 2.5-3.5x.

And with Morgans expecting more of the same in the coming years, it has put an add rating and $180.00 price target on its shares. Based on its current share price, this implies potential upside of almost 10% for investors over the next 12 months.