A number of Australia's largest companies have released results in recent days.
Three ASX shares that Morgans has been looking at are listed below. Here's what the broker is saying about them after reviewing their results:
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BHP Group Ltd (ASX: BHP)
Morgans was pleased with BHP's operational and cost performance. It also highlights that the mining giant's dividend was comfortably ahead of expectations in the second half.
However, due to recent share price strength, it only rates the Big Australian as a hold with a $43.90 price target. It explains:
A result supported by solid underlying operational and cost performances, but several key markers are at multi-year lows. Final dividend of US60cps (vs MorgansF 53cps), supported by strong 2H FCF. Target net debt range increased to US$10-$20bn (from US$5-$15bn), a softening in capital discipline. Copper division shines with robust production and strong by-product credits. Post recent share price strength we lower our rating to HOLD (from ACCUMULATE), with an unchanged A$43.90 target price.
CSL Ltd (ASX: CSL)
Morgans notes that CSL delivered a result in line with expectations in FY 2025. However, this wasn't driven by the CSL Behring business as expected, which underperformed.
Nevertheless, the broker remains positive on this ASX 200 biotech stock and thinks investors should be buying the dip. Especially given its belief that it can still deliver strong earnings growth over the medium term. As a result, Morgans has put a buy rating and $293.83 price target on its shares.
Commenting on the company, the broker said:
FY25 results were broadly in line, with double-digit underlying earnings growth, solid operating leverage and strong OCF. Behring was softer (+6%; hit by cUS$100m Medicare Part D reform), but margins gained on efficiencies (GPM +130bp, 51%; OPM +100bp, 42.2%), with Vifor showing resilience (+14%), while Seqirus was soft (-9%) on weak immunisation rates.
As widely anticipated, CSL flagged a restructuring, streamlining R&D and commercial productivity, targeting US$500m pre-tax savings by YE28, but surprised with Seqirus demerger and multi-year share buyback (US$500m FY26). While investors have taken a glass half full approach, we believe the restructuring augments, not masks the underlying business, with streamlining operations and cost savings supporting double-digit earnings growth over the medium term. We adjust FY26-27 forecasts modestly, with our PT decreasing to A$293.83. BUY.
National Australia Bank Ltd (ASX: NAB)
Finally, this banking giant's shares have rallied strongly since the release of a stronger than expected quarterly update.
Morgans is recommending investors take profit and sell into this strength and has put a price target of $31.15 on its shares. It commented:
NAB followed WBC in reporting a stronger than expected 3Q25 trading update. FY26-27 forecasts upgraded. Target price lifted to $31.15/sh. We recommend clients SELL overweight positions into NAB's share price strength.
