The team at Morgans has been busy running the rule over a number of S&P/ASX 200 Index (ASX: XJO) shares again this month.
Among its best ideas for November are the three ASX 200 shares listed below. Here's what the broker is saying about them:
Image source: Getty Images
Macquarie Group Ltd (ASX: MQG)
This investment bank remains a top pick for Morgans. The broker believes Macquarie is well-placed for the long term thanks partly to structural drivers. It commented:
We continue to like MQG's exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while it continues to gain market share in Australian mortgages.
Morgans has an add rating and $214.30 price target on Macquarie's shares.
Telstra Corporation Ltd (ASX: TLS)
The broker is also very positive on this telco giant thanks to its successful turnaround. It also believes that Telstra's recent restructure could unlock value for shareholders. It explained:
After a major turnaround, TLS has emerged in good shape with strong earnings momentum and a strong balance sheet. In late CY22 shareholders vote[d] on Telstra's legal restructure, which opens the door for value to be released. TLS currently trades on ~7x EV/EBITDA. However some of TLS's high quality long life assets like InfraCo are worth substantially more, in our view. We don't think this is in the price so see it as value generating for TLS shareholders. This, free option, combined with likely reputational damage to its closest peer, following a major cybersecurity incident, means TLS looks well placed for the year ahead.
Morgans has an add rating and $4.60 price target on Telstra's shares.
Treasury Wine Estates Ltd (ASX: TWE)
Finally, this wine giant is one of the broker's top picks again this month. It believes Treasury Wine is well-placed to deliver strong earnings growth in the coming years. The broker commented:
TWE owns much loved iconic wine brands, the jewel in the crown being Penfolds. We rate its management team highly. The foundations are now in place for TWE to deliver strong earnings growth from the 2H22 over the next few years. Trading at a material discount to our valuation and other luxury brand owners, TWE is a key pick for us.
Morgans currently has an add rating and $15.71 price target on Treasury Wine's shares.
