S&P/ASX 200 Index (ASX: XJO) large-cap shares have a market capitalisation of $10 billion or more.
They are typically older, established companies with strong revenue streams that pay consistent dividends to their investors.
Here, we look at three ASX large-cap shares that two experts say have overshot their fundamental value.
After amazing share price growth, these experts think investors should consider taking some profits off the table.
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3 ASX 200 large-cap shares to sell: analysts
Telstra Group Ltd (ASX: TLS)
Remo Greco of Sanlam Private Wealth has a sell rating on this ASX 200 large-cap telco share.
The Telstra share price soared 34% to close out FY25 at $4.84 per share. It reached a 10-year high of $4.94 in June.
Courtesy of The Bull, Greco says:
Telstra is a defensive stock, and it appealed to investors when the Trump Administration's global tariff war started generating uncertainty.
Regarding the outlook, we believe the consensus is far too optimistic about the level of growth the business can deliver in the next few years.
The economic environment in Australia is challenging for consumers and small-to-medium sized businesses.
We would be inclined to cash in some gains at these levels.
Commonwealth Bank of Australia (ASX: CBA)
Greco reckons it's also time to take some profits off the table on CBA shares.
The Commonwealth Bank share price rose by 45% in FY25 and finished the year at $185.
The ASX 200 large-cap bank share hit a record of $192 a few days before the end of the financial year.
Greco says CBA shares have been "an enviable performer", commenting:
The shares have been subjected to profit taking and retreated to trade at $179.91 on July 10.
The shares were recently trading on a lofty price/earnings ratio of about 31 times, so we still believe the shares are expensive, particularly when compared to peers.
The National Australia Bank Ltd (ASX: NAB) was recently trading on a price/earnings ratio of about 16 times and the ANZ Group Holdings Ltd (ASX: ANZ) was on about 13 times.
We retain a sell or reduce recommendation on CBA on valuation grounds.
Pro Medicus Ltd (ASX: PME)
Jabin Hallihan of Family Financial Solutions has a sell rating on this medical imaging software and services company.
The Pro Medicus share price rose by 99% to finish the year at $285.08 per share.
The ASX 200 large-cap healthcare share hit a new record of $325 per share last Thursday.
Hallihan says:
In our view, its valuation looks extreme, relying on aggressive earnings before interest and tax margins and revenue growth assumptions.
We believe long term margin expansion will be constrained by continuing investment in research and development.
The broader uptake of its advanced imaging software remains uncertain.
Investors may wish to take profits at current levels.
