There are a lot of options out there for investors to choose from on the Australian share market.
To narrow things down, let's take a look at three popular options that Morgans has recently given its verdict on. Here's what the broker is saying about them:
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Light & Wonder Inc. (ASX: LNW)
Morgans thinks that this gaming technology company's shares are good value at current levels.
In response to a strong third quarter result, the broker retained its buy rating on its shares with a $175.00 price target. It commented:
Light & Wonder's (NDAQ/ASX: LNW) strong 3Q25 result was met with a well-deserved positive reaction, alleviating market concerns around FY25 guidance delivery with a much more achievable 4Q25 implied outlook. Given the imminent NASDAQ delisting, the timing of this beat positions the company exceptionally well heading into FY26. LNW delivered record margin expansion across all three segments, with iGaming operating leverage the standout performer, while land-based margins surprised on favourable product mix as Grover scales and premium installed base momentum continues. Our FY25-26F estimates remain largely unchanged. We rate LNW a BUY recommendation, A$175 12-month target price.
National Australia Bank Ltd (ASX: NAB)
The broker isn't feeling as upbeat on banking giant NAB. In fact, it thinks its shares are overvalued after strong gains over the last couple of years left them trading on higher than normal multiples.
Morgans has put a sell rating and $31.46 price target on NAB's shares. It commented:
2H25 earnings (-2% vs 1H25) missed market expectations of a flat result. While NAB has loan growth and revenue momentum heading into 1H26, it also has momentum in costs and showed signs of asset quality deterioration and tightness in regulatory capital. This is likely to see limited (if any) DPS growth and constrain capital management over coming years. We make +/-1% changes to FY26-28 forecast earnings, targeting mid-single digit earning growth over the forecast period. NAB is trading at historical extremes of key valuation metrics. The 2H25 result and earnings outlook doesn't justify such pricing. SELL retained at current prices. Target price $31.46 (+23 cps).
Woodside Energy Group Ltd (ASX: WDS)
Finally, Woodside could be a top pick for investors looking for exposure to the energy sector according to Morgans.
It believes the energy giant is well-placed for solid growth through to 2032. As a result, it has put a buy rating and $30.50 price target on its shares. It said:
Execution remains best-in-class: Scarborough, Sangomar and Trion all tracking on time and budget. Louisiana progressing under de-risked funding structure. Growth to 2032 with net operating cash flow guided to ~US$9bn (+6% CAGR) with a pathway to ~50% higher dividends. Partner sell downs (Stonepeak, Williams) back-load capex and cut near-term funding by >US$5 billion. Market remains cautious on midstream Louisiana model, but it solves previous major gap in fundamentals as Pluto/NWS output declines in future years. We maintain our BUY rating and unchanged A$30.50 target price.
