The team at Morgans has been busy running the rule over a number of popular ASX 200 shares recently.
Are they buys, holds, or sells? Let's see what the broker is saying about the three listed below.
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ANZ Group Holdings Ltd (ASX: ANZ)
Morgans wasn't overly impressed with this big four bank's performance during the second half of FY 2025. It highlights that credit impairment charges were up and profits were down.
In light of this, the broker has a trim rating (between sell and hold) and a $33.09 price target on ANZ shares. It said:
Ex $1.1bn of significant items, 2H25 profit declined 7% vs 1H25, with a -3% decline in pre-provision profit (revenue +2%, costs +6%) and a doubling of credit impairment charges. Earnings were materially below market expectations, albeit consensus may not have fully adjusted for the significant items.
We have downgraded our FY26-28F cash earnings by 1-2%. However, 12 month target price lifts 29 cps to $33.09/sh due to CET1 capital outperformance in 2H25. We recommend clients TRIM into share price strength, with the share price and implied valuation multiples trading at or around all-time highs.
Monadelphous Group Ltd (ASX: MND)
This engineering company has caught the eye of Morgans. It was pleased with its recent update and believes there is more to come in the near future thanks partly to a multi-year Pilbara replacement cycle.
In response to its update, the broker retained its buy rating with an improved price target of $29.00. It commented:
Today's update was exceptionally strong, and our view is that the good times are poised to continue. Though 1H revenue is expected to grow +40% YoY, management has tempered expectations for the full year by providing early guidance (FY26 revenue +20-25%). This leaves capacity for further beats if demand surprises. Our view is that demand in E&C will accelerate due to Rio's multi-year Pilbara replacement cycle (which gathers pace in CY26 and CY27), and a resurgence in rare earths projects (MND was heavily involved in ARU's US$1.2bn Nolans project previously).
Additionally, volume strength in Maintenance should continue as project scheduling indicates further oil & gas turnarounds into FY27, although FY26 contains a few one-offs so we fade growth expectations into FY27. Target price moves to $29.00 (from $24.40). BUY maintained.
Northern Star Resources Ltd (ASX: NST)
Finally, this ASX 200 gold miner disappointed the market (and Morgans) recently with a soft quarterly update and guidance downgrade.
Unfortunately, Morgans isn't convinced that the worst is over yet and is cautious on its short to mid-term production outlook. As a result, it has put a hold rating and $26.00 price target on its shares.
Commenting on the gold miner, the broker said:
NST has revised FY26 guidance lower after another soft sales quarter, cutting the midpoint ~8% to 1,650koz (from 1,775koz). The downgrade reflects ongoing operational challenges across all hubs, including grade, throughput and utilisation constraints. This marks the second guidance miss in as many years. While we remain constructive on NST's long-term growth pathway, we are adopting a more cautious (previously bullish) short-to-midterm production outlook, maintained until delivery consistency improves.
We now forecast FY26 sales of 1,589koz (-9%), marginally below updated guidance (1,600–1,700koz). We lift our AISC to A$2,770/oz, reducing forecast EBITDA and EPS by 16% and 22% respectively. Rating revised to HOLD, price target A$26.00ps (previously A$27.41ps). The downgrade partly offset by our higher spot scenario of US$3,500/oz (from US$3,250/oz).
