S&P/ASX 200 Index (ASX: XJO) shares are up 0.6% on Thursday at 8,791.1 points.
The market hit a record high of 9,054.5 points last month, supported by a solid earnings season and more liquidity in the market.
Top broker Macquarie says interest rate cuts around the world are resulting in more liquidity sloshing through global equity markets.
With this in mind, experts have identified three ASX 200 shares that are worth holding if you already own them, but not worth buying anew.
They say these stocks are fully valued, which means their share prices are already close to, or exceed, the experts' 12-month price targets.
Let's check them out.
Know when to hold 'em, and when not to buy 'em
The following three ASX 200 shares are popular core holdings among us amateur investors.
But experts on The Bull have explained why they only score a hold rating from them for now.
In short, it's because these ASX 200 shares are already trading at lofty prices.
BHP Group Ltd (ASX: BHP)
Jabin Hallihan from Family Financial Solutions has a hold rating on the market's biggest ASX 200 mining share.
On Thursday, the BHP share price is trading at $41.96, down 0.8% at the time of writing.
Hallihan explains his hold rating:
The global miner reported softer earnings due to weaker iron ore prices, although copper volumes improved.
BHP continues to invest in future-facing commodities, such as potash and nickel.
The balance sheet remains strong, and the dividend yield is attractive.
As we recently reported, the 'Big Australian' is now the world's largest copper producer.
Family Financial has a 12-month price target of $43.74 on BHP shares, implying only a 4.2% potential upside.
Hallihan added:
BHP's diversified asset base and disciplined capital strategy support long term resilience.
However, near-term upside appears limited given commodity price volatility and macroeconomic uncertainty.
BHP remains a core holding for investors seeking exposure to global resources.
CSL Ltd (ASX: CSL)
Remo Greco from Sanlam Private Wealth has a hold rating on the market's biggest ASX 200 healthcare share.
The CSL share price is $207.54, up 0.5% at the time of writing today.
CSL shares have been smashed, falling to a six-year low over the past fortnight, following the biotech's FY25 report.
Greco says:
We can't see the share price recovering to $270 levels in the short term, but at these prices the stock appears good value over the longer term if it can deliver double digit profit growth moving forward.
Holding the stock is an appropriate play for patient investors prepared to take on opportunity cost, as other stocks could potentially deliver faster and better returns in the short to medium term.
Westpac Banking Corporation (ASX: WBC)
Damien Nguyen from Morgans has a hold rating on this ASX 200 bank share.
The Westpac share price is trading at $37.84, up 1.8% on Thursday.
Nguyen explained his holding rating on Westpac shares:
The bank continues to show resilience in its core operations, with recent updates highlighting improving net interest margins, strong capital buffers and stable asset quality.
Westpac reported a stronger than expected third quarter result in fiscal year 2025.
However, despite operational improvements and capital management initiatives, the share price appears to already reflect much of the good news.
While Westpac remains a preferred name among the majors, the valuation looks full, and further upside may be constrained unless there is a material uplift in earnings or return on equity.
As we reported, Westpac shares surpassed a decade high last month.
