Earnings season has been heating up again this week with a number of big results releases.
Let's see what the team at Morgans thinks of three popular ASX 200 shares after the running the rule over their results.
Image source: Getty Images
Amcor (ASX: AMC)
Morgans notes that this packaging giant delivered a result that "was slightly weaker than expected." This was due to "a deterioration in volumes in 4Q25 as consumer demand softened in North America."
However, it remains positive thanks to the Berry acquisition and believes its shares are good value at current levels. As a result, it has put an accumulate rating and $15.20 price target on them. It said:
While AMC's 4Q25 performance fell short of expectations, we believe the delivery of synergy targets and potential asset sales over the next 12 months could act as catalysts for a share price re-rating. Upon completion of these asset sales (timing uncertain), AMC will retain a portfolio of higher-quality businesses with stronger growth prospects. Trading on 11.2x FY26F PE with a 6% yield, we believe the valuation remains attractive.
ANZ Group Holdings Ltd (ASX: ANZ)
Morgans notes that banking giant ANZ released its third quarter update this week. However, it doesn't provide the same level of detail that peers provide, which makes it harder to judge.
Nevertheless, what it did see wasn't enough to stop it from downgrading its shares to a sell rating with a $26.84 price target on valuation grounds. It explains:
We review ANZ's 3Q25 update which included growth in loans and deposits, period-end regulatory capital, and credit risk performance. Unlike its peers, ANZ's quarterly updates do not include trends in revenue, costs or earnings. Hence, it is difficult to interpret whether the balance sheet growth is translating into improved financial performance. We make a mild upgrade to forecast EPS. DCF-based target price is set at $26.84. We revise our rating from TRIM to SELL, noting the share price has increased c.8% thus far in August alone compressing total return potential.
Cochlear Ltd (ASX: COH)
A third ASX 200 share that released its results was hearing solutions company Cochlear.
Morgans notes that its results were below expectations due to margin pressures. As a result of this and a uncertain outlook, it has put a trim rating and $299.54 price target on its shares. It said:
FY25 results were below expectations, but at the low end of guidance, with net profit impacted by compressing margins and modest sales growth. Cochlear Implants (CI) gained on the new Nucleus Nexa system in EU/APAC, although Development Market (DM) growth slowed, Services fell on waning Nucleus 8 (N8) sound processor upgrades and Acoustics surprised to the upside.
While Nexa's US launch should support CI demand through FY26, we caution against assuming uplift similar to prior product transitions, as Nexa is aimed at workflow efficiency and patient convenience rather than a step-change in hearing performance, so more of an evolutionary not revolutionary refinement that may take time to translate into material volume or margin gains. We modestly adjust our FY26-27 estimates and lift our target price to A$299.54 on valuation multiple roll-forward. Move to TRIM.
