Analysts at Morgans have been busy looking over a number of popular ASX shares this week and given their verdict on them.
Are they buys, holds, or sells? Let's find out what the broker rates them as today:
ANZ Group Holdings Ltd (ASX: ANZ)
Morgans notes that ANZ has released its new ANZ 2030 strategy this week. Its analysts highlight that if the company can deliver on its targets, it would mean substantial upside to its current earnings estimates and ultimately its valuation.
However, it has doubts that the company will achieve its goals. As a result, it has retained its trim rating (one notch below hold) with a new price target of $32.72. It said:
We attended the first investor briefing by ANZ's new CEO Nuno Matos updating the market on strategy and providing short and medium term financial targets. If ANZ achieves its FY28/30 ROTE targets the upside to earnings estimates and valuation is substantial. However, we are doubtful that the ROTE target can be achieved as it requires revenue growth across FY28-30 far above our forecasts. We make material forecast upgrades from FY26F as we back management's cost-out plan. Revenue forecasts are effectively unchanged. Target price lifted 14% to $32.72/sh. TRIM retained given share price strength.
Bank of Queensland Ltd (ASX: BOQ)
Another bank stock that the broker has been looking at is Bank of Queensland.
Morgans was pleased with its second half performance, noting that its earnings came in slightly ahead of expectations.
But it isn't enough to warrant a buy recommendation. Instead, the broker has upgraded its shares to a hold rating with a $6.87 price target. It explains:
BOQ delivered 2H25 cash earnings towards the top half of its guidance range (+9% growth vs 1H25), providing a mild beat of expectations mainly on revenue growth. 2H25 DPS of 20 cps also beat consensus. We have downgraded FY26F earnings due to the slippage in the targeted timing of both the full $250m productivity cost-out and recovery in home lending volumes. Rating revised to HOLD. Target price $6.87/sh (lifted mainly due to update to DCF discount rate). Forecast cash yield c.5.1%.
Jumbo Interactive Ltd (ASX: JIN)
This online lottery ticket seller announced an acquisition this week. Morgans was pleased with the deal, highlighting that it could fill a potential earnings gap and accelerate its shift into the business-to-consumer market.
In response, Morgans has upgraded the ASX share to a buy rating with an improved price target of $15.90. It commented:
JIN has taken its first step into the international B2C prize draw space, acquiring UK-based Dream Car Giveaways (DCG), a leading digital competition platform, for A$109.9m (~6.5x LTM EBITDA). The acquisition bridges the potential earnings gap from non-TLC revenue streams and accelerates JIN's strategic shift from slower-growing international B2B operations toward higher-margin B2C opportunities.
DCG provides JIN with immediate scale and profitability in a large, underpenetrated UK prize market. While FY26 guidance remains unchanged, DCG is expected to contribute A$14.3-14.9m in underlying EBITDA in FY26, representing 20-25% growth (MorgansF: A$14.4m). After incorporating DCG into our model; adding the recently announced RSL Art Union SaaS contract; and moderating Lottery Retailing growth assumptions, we upgrade JIN to a Buy recommendation and lift our 12-month price target to $15.90 (from $12.90).
