Earnings season has been hotting up this week and a number of big-name ASX 200 shares have released their results.
The team at Morgans has been busy running the rule over three in particular and has given its verdict on them.
Let's see if it thinks the results make these ASX 200 shares a buy or a sell (or something in between) now:
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Commonwealth Bank of Australia (ASX: CBA)
Morgans hasn't seen anything in this banking giant's full year result to justify its lofty valuation. As a result, it continues to recommend investors sell its shares but with an improved price target of $100.85. It said:
There was no material positive surprise to underwrite CBA's share price strength. 12 month target price lifted 4% to $100.85. We remain SELL rated on CBA, recommending clients aggressively reduce overweight positions given the risk of poor future investment returns arising from the overvalued share price and mid-single digit EPS/DPS growth outlook.
Evolution Mining Ltd (ASX: EVN)
Morgans was impressed with this gold miner's record full year results.
However, give recent share price strength, it hasn't seen enough to warrant a buy rating. Instead, the broker has held firm with its trim recommendation with a $7.30 price target. It said:
Solid and in-line FY25 result with record EBITDA, underlying NPAT, cash flow and its final dividend. Capital management going forward to prioritise dividends, debt reduction, asset investment, and balance sheet resilience to fund future debt repayments. We Maintain our TRIM rating, recommending investors take some profits at current levels, while retaining exposure for continued cash flow strength and potential upside from sustained gold prices over the next 12 months.
Treasury Wine Estates Ltd (ASX: TWE)
Finally, this wine giant's results went down well with the broker. It was impressed with its strong earnings growth in a difficult environment.
In light of this and its reasonable growth outlook, the broker thinks its shares are cheap at under 13x forward earnings and has a buy rating and $10.10 price target on its shares. It said:
TWE's FY25 result was in line with guidance, reporting a credible 17% growth in EBITS during a period of macro-economic and category headwinds. TWE is targeting further EBITS growth in FY26, led by Penfolds. We have made modest changes to our forecasts reflecting the disruption associated with a change of distributor in California. While lacking near term share price catalysts given industry and macro headwinds and a CEO transition, trading on an FY26F PE of only 12.7x, we maintain a BUY rating. A$200m share buyback should provide some degree of share price support
