There are a lot of ASX 200 shares out there for investors to consider adding to their portfolio.
To narrow things down, let's take a look at three popular shares and see if analysts think they are buys, holds, or sells, courtesy of The Bull. Here's what they are recommending:
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A2 Milk Company Ltd (ASX: A2M)
Analysts at Family Financial Solutions think that this infant formula company is an "accumulation story" and has named it as a buy. They believe its shares are good value at current levels, stating:
This infant formula company remains an accumulation story. The company generated record sales of $1.9 billion in fiscal year 2025, with revenue up 13.5 per cent. China and other segment sales were up 13.9 per cent. The company recently completed the acquisition of an integrated nutritional manufacturing facility located at Pokeno in New Zealand. The acquisition enables A2M to gain strategic control over two Chinese label registrations. The Pokeno facility supports long term growth. We believe the current share price offers value.
JB Hi-Fi Ltd (ASX: JBH)
Those same analysts are feeling bearish on this retail giant's shares and has put a sell rating on them.
This is on valuation grounds, with Family Financial Solutions highlighting that JB Hi-Fi's shares have delivered very strong returns over the past couple of years. And while the company's operational performance has been strong, its analysts feel that this is fully priced in. They said:
The share price of this consumer electronics giant has defied the expectations of many market watchers for the past two years. The shares rose from $44.48 on October 16, 2023, to close at $121 on August 20, 2025. JBH was trading at $113.86 on October 16, 2025. The company posted a strong full year result in fiscal year 2025. Total group sales of $10.6 billion were up 10 per cent on the prior corresponding period. Group earnings before interest and tax of $694.1 million were up 7.3 per cent. With discretionary spending under pressure, we believe it's prudent to lock in some gains. JB Hi-Fi's strong operational performance is priced in, so risks outweigh rewards at these levels.
Treasury Wine Estates Ltd (ASX: TWE)
Finally, the team at Red Leaf Securities thinks that investors should be snapping up this wine giant's shares following recent weakness. The broker has named the Penfolds owner as a buy this week.
Red Leaf thinks that its share price weakness has created an attractive entry point, especially given its long term growth potential. It said:
This global wine giant continues to attract institutional support, with analysts reiterating buy ratings. The shares recently plunged after the company withdrew group earnings before interest and tax growth guidance in fiscal year 2026 due to an uncertain outlook in relation to Penfolds and Treasury Americas. The company also paused its on-market share buy-back until there's more clarity around trading conditions and expectations. In our view, the stock offers long term growth potential, driven by premium brand positioning and global distribution. At current levels, we believe the stock offers an attractive entry point for long term accumulation.
