There have been a lot of results releases this month from ASX 200 stocks.
But which results have gone down well with analysts at Morgans?
Let's take a look at three that the broker has been running the rule over and how it rates them:
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Bega Cheese Ltd (ASX: BGA)
This diversified food company's full year results were in line with expectations, with its cash flow generation a particular highlight.
And while it has stopped short of calling the ASX 200 stock a buy, it is recommending investors accumulate its shares with a price target of $6.08. This implies potential upside of 10.5% for investors. It said:
BGA's FY25 result was in line with expectations. Strong earnings growth was led by Bulk returning to strong profitability. Pleasingly, Branded proved resilient despite a more difficult operating environment. Cashflow performance was a highlight and gearing finished the year below BGA's target range. FY26 guidance was in line with expectations. Given its restructuring activity, BGA is on track to exceed its FY28 EBITDA target of A$250m. We think A$265m is now more likely. This underpins a strong growth profile across the forecast period. We have made modest upgrades to our forecasts. We have an Accumulate rating on BGA. The next catalyst is if BGA is successful in acquiring Fonterra's Oceania business.
Netwealth Group Ltd (ASX: NWL)
Another ASX 200 stock that Morgans has been looking at is investment platform provider Netwealth.
While its FY 2025 result was undoubtedly strong, it was a touch below expectations. As a result, the broker has retained its hold rating on its shares with a $35.48 price target. It said:
NWL reported FY25 Revenue +27%; EBITDA +31%; and NPAT +40% on pcp. The result was slightly below expectations on 2H cost growth, however there is no change to the strong underlying execution of the business. NWL gave FY26 guidance for net inflows to be similar (~A$15.8bn) and opex growth of ~19%. Strong embedded inflows continues to allow NWL to invest in capturing new market segments and still deliver >18% CAGR to FY28F. NWL's opportunity runway remains long and we expect the business to continue to execute. However, we view the valuation as full. HOLD recommendation.
Sandfire Resources Ltd (ASX: SFR)
Finally, Morgans believes this copper miner is close to being fully valued at current levels.
In response to its fourth quarter update, the broker has retained its hold rating on the ASX 200 stock with a $12.55 price target. It commented:
We update our FY25 statutory numbers for one-off adjustments flagged in its 4Q25 result. Additionally, we have adjusted our valuation methodology from a 100% DCF valuation to a blended 50:50 DCF:7x NTM EV/EBITDA valuation and as a result our target price increases to A$12.55ps (previously A$11.40ps). We rate SFR a HOLD with a A$12.55ps target price.
