ASX small-cap shares are slightly outperforming in 2025, with the S&P/ASX Small Ordinaries Index (ASX: XSO) up 3.88% while the S&P/ASX 200 Index (ASX: XJO) is up 3.71% in the year-to-date.

Many analysts have suggested this should be a good year for ASX small-cap shares because they tend to do well when interest rates are on the way down, as they are all over the world.

Let's check out some buy recommendations from a few brokers published on asx.com.au.

Analysts rate these 4 ASX small-cap shares a 'buy'

Bannerman Energy Ltd (ASX: BMN) 

The Bannerman Energy share price is currently $3, down 0.66%. 

Canaccord Genuity has a speculative buy rating on this ASX small-cap uranium share. Its 12-month price target is $4.33. 

Canaccord is positive on Bannerman due to the on-time and on-budget construction progress at its Etango-8 uranium project. There is also an anticipated 3.5% annual growth in uranium demand through to 2035 amid more small modular reactors being built worldwide.

The broker says: 

With a cash balance of $81.1mn the company can easily fund these early works ($95.7mn at end of SepQ). Sourcing a strategic partner remains the largest hurdle. BMN is still evaluating and progressing various funding sources, including project/corporate debt as well as potential offtake and joint venture opportunities with strategic counterparties who can add value to the Etango Project.

Opthea Limited (ASX: OPT) 

The Opthea share price is $1.09, down 0.46% at the time of writing. 

Canaccord Genuity has a buy rating on this ASX small-cap healthcare share with a 12-month price target of $1.25.

The broker is looking forward to a data update for the Phase III Coast study of OPT-302, which it expects the eye diseases biotech to release in April.

The broker says:

OPT-302 is unique and differentiated, in our view, on safety and efficacy metrics, and we see the upside opportunity for peak sales of US$1b and upside to >$3/share, pending clinical, regulatory and commercial success.

PYC Therapeutics Ltd (ASX: PYC) 

The PYC Therapeutics share price is $1.27, down 2.31% at the time of writing. 

Canaccord Genuity has a buy rating on this ASX small-cap biotech share with a 12-month price target of $2.40.

The broker notes that a US competitor recently announced positive Phase 1b study data for another gene therapy targeting autosomal dominant polycystic kidney disease (ADPKD).

The broker says:

While the asset is a competitive threat to PYC's, we note the ADPKD market is very large and there is room for multiple players.

We also think that PYC may have a differentiated mechanism because it directly targets the gene responsible for cyst formation in the kidney …

Nuix Ltd (ASX: NXL) 

The Nuix share price is $4.74, down 0.63%. 

Moelis Australia has a buy rating on this ASX small-cap tech share with a price target of $6.09. 

Moelis responded to Nuix's 1H FY25 update, which stated it was expecting 8% to 9% growth in Annualised Contract Value (ACV) compared to the previous corresponding period, down from an earlier 15% target for FY25. Nuix also noted that increased expenses will lower its earnings before interest, tax, depreciation, and amortisation (EBITDA) and cash flow for 1H25. 

Moelis said: 

… NXL is trading at a meaningful discount to our $6.09 target price and therefore we change our rating to Buy, however we highlight the need for further detail at the forthcoming 1H25 result to enhance our confidence.