S&P/ASX 200 Index (ASX: XJO) shares closed lower on Friday, down 0.4% to 8,614.1 points.
As November draws to a close, we look back on some of the financial reports released this month and subsequent re-ratings from Morgans.
Here, we focus on five ASX 200 large-cap shares, which are companies that have a market capitalisation above $10 billion.
Let's take a look.
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Commonwealth Bank of Australia (ASX: CBA)
CBA is the market's largest ASX 200 financial share with a market capitalisation of $254 billion.
The CBA share price closed at $152.51, down 1.12%, on Friday.
Morgans has a sell rating on CBA shares with a price target of $96.07 following the bank's 1Q FY26 update.
The broker said:
While the market wasn't expecting much earnings growth (c.2% for 1H26, and we were more bullish than consensus), growth was weaker than these expectations.
We remain SELL rated on CBA, recommending clients aggressively reduce overweight positions given the risk of poor future investment returns arising from the even-now overvalued share price and low-to-mid single digit EPS/DPS growth outlook.
Pro Medicus Ltd (ASX: PME)
Pro Medicus is the third-largest ASX 200 healthcare share with a market capitalisation of $28 billion.
The Pro Medicus share price closed at $266.54, down 0.6% yesterday.
Morgans upgraded Pro Medicus to an accumulate rating with an unchanged share price target of $290 this month.
PME's share price has continued to decline since our last update, despite stable fundamentals and a consistent outlook.
This decrease appears to be due to a broader market shift away from high-growth stocks, as there have been no major new contracts or company-specific changes for PME since our previous report.
Upgrade to an ACCUMULATE recommendation, with the view that current prices represent a reasonable opportunity for partial positions, noting ongoing volatility in the name could still yet present further downside.
REA Group Ltd (ASX: REA)
The property portal owner is the second-largest ASX 200 communications share with a market capitalisation of $26 billion.
The REA share price closed at $195.91, down 1.33% on Friday.
Morgans upgraded its rating on REA shares to accumulate but cut its price target from $254 to $247 per share.
After REA's 1Q FY26 trading update, Morgans commented:
REA's 1Q26 trading update benefited from a strong yield outcome (+13%), which helped to offset a softer new listings environment in the period (volumes down -8% vs the pcp).
Group revenue was A$429m (+4% on pcp), with EBITDA (ex assoc.) up 5% on pcp to A$254m.
Given REA is trading on ~42x FY26F PE (MorgansE), broadly in line with its 10-year historical average, and now with >10% TSR upside to our valuation we upgrade REA to ACCUMULATE.
Goodman Group (ASX: GMG)
Goodman Group is the leader within the property and real estate investment trust (REIT) sector with a market cap of $60 billion.
The Goodman Group share price closed at $29.68, down 0.17% on Friday.
Morgans is positive on the real estate investment manager with an accumulate rating and share price target of $36.30.
GMG continues to reiterate the immense data centre opportunity ahead – 5GW of potential capacity across key global gateway cities.
However, the longer time to develop these assets is seeing capital intensity increase as data centres form a larger proportion of work-in-progress (WIP).
… we attribute much of the recent share price decline to the shifting narrative around the outlook for hyperscale capex.
To this end, we see the recent share price retracement more as an opportunity retaining our ACCUMULATE rating and $36.30/sh price target.
Resmed CDI (ASX: RMD)
Resmed is another giant of the ASX 200 healthcare sector with a market capitalisation of $36 billion.
The Resmed share price closed at $39.31, up 0.36% yesterday.
Morgans has an accumulate rating and $47.04 share price target on Resmed following the medical device developer's 1Q FY26 update.
1Q results were solid and broadly in line, with high-single digit revenue growth, ongoing margin expansion, and strong cash flow.
We continue to view fundamentals as sound and the company in a strong position to support future earnings growth, with the upper end of FY26 GPM guidance (61-63%) likely achievable given a strong cadence of new high-margin product releases, an expanding US supply chain, along with continued investment in AI and digital health to drive awareness and increase patient diagnosis.
