If you're looking for ASX 200 shares to add to your portfolio, then you may want to look at the two named below that have been tipped as buys by analysts at Morgans following the release of their results.
Here's why the broker is very positive on these shares:
Cochlear Limited (ASX: COH)
The first ASX 200 share that Morgans is bullish on is Cochlear.
It is a manufacturer and distributor of cochlear implantable devices for the hearing impaired across over 30 countries. It offers three main products: Cochlear implants, Baha bone conduction implants, and Cochlear Wireless Accessories.
Morgans was pleased with Cochlear's recent half year update. It commented:
Cochlear's 1H results were better than expected, underpinned by strong sales growth in both developed and emerging markets, but OPM declined on growth initiatives. […] We see continued momentum, with FY23 guidance reaffirmed, implying a strong 2H (+25% at the mid-point), underpinned by strong fundamentals and progressively improving trading conditions.
The broker has an add rating and $250.60 price target on its shares.
Corporate Travel Management Ltd (ASX: CTD)
Another ASX 200 share that Morgans is bullish on right now is corporate travel specialist Corporate Travel Management. It believes it is well-placed for growth over the medium term. This is thanks to acquisitions, its lower cost base, and technology development.
In response to its half year results, Morgans commented:
CTD's 1H23 result was a slight miss compared to implied guidance and our forecast. However, the result included additional costs so that CTD can take advantage of the expected strong recovery in the 2H23 and FY24. The midpoint of FY23 EBITDA guidance was slightly better than consensus however higher D&A and tax results in NPATA downgrades. CTD is confident of achieving a full recovery in FY24 based on significant new clients wins.
Morgans currently has an add rating and $21.90 price target on the company's shares.
