Morgans has been busy looking over recent result releases.
Three popular ASX 200 shares that the broker has given its verdict on are listed below. Here's what it is saying about them:
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Goodman Group (ASX: GMG)
Morgans notes that this industrial property giant's shares have pulled back following the release of its half-year results. This appears to have been driven by disappointment over the lack of an earnings guidance upgrade with its results and concerns that one may not be coming at all this year.
Nevertheless, the broker sees value in Goodman's shares at current levels and has put an accumulate rating and $36.05 price target on them. It said:
GMG is leaning hard into data centre (DC) development across scarce, power-enabled metro locations, backed by long-dated capital partners and a conservative balance sheet. FY26 guidance is unchanged, with near-term results reflecting longer development timeframes and a larger share of balance-sheet originated developments. Execution now hinges on converting customer negotiations into commitments across key DC campuses while holding returns.
Whilst the company has flagged the longer development timeframe for DCs, recent share price weakness points to impatience as the market discounts the uncertainty around hyperscale demand, investor appetite and potentially the lower likelihood of an FY26 EPS upgrade. Combining improving margins against a higher cost of capital and increased balance sheet investment, our valuation remains broadly unchanged at $36.05/sh and sees us reiterate our Accumulate recommendation.
Hub24 Ltd (ASX: HUB)
This investment platform provider impressed Morgans with its half-year results. It notes that Hub24 delivered a result comfortably ahead of expectations thanks to stronger than forecast platform revenue growth.
In response, the broker has upgraded Hub24 shares to an accumulate rating with an improved price target of $112.40. It said:
HUB' 1H26 result was ahead of expectations, following a record half of flows/FUA. Group underlying EBITDA of $104.9m, up +35 on pcp (+9% vs MorgF $96.4m). Underlying NPAT was $68.3m up +60% on pcp (+14% vs MorgF $59.8). This was driven by stronger than expected Platform revenue growth (+29.5% YoY), which saw Platform EBITDA Margins +163bps vs. 2H26 to 46.7%.
FY27 FUA targets were upgraded by ~6.5% at the mid-point to A$160bn-$170bn, more closely aligning HUB's outlook with Consensus expectations for ~$169bn, reaffirming flows expectations of ~$18-20bn through to FY27. This update sees our EPS forecasts lift by: +6%/ +3%/+3% in FY26-28F, which sees us lift our price target to $112.40/sh and move to an ACCUMULATE rating.
Telstra Group Ltd (ASX: TLS)
Lastly, Telstra was another ASX 200 share that outperformed expectations during the first half. However, Morgans concedes that its guidance is largely unchanged for the full year.
Following the release, Morgans has retained its hold rating with an improved price target of $5.20. It explains:
TLS's 1H26 result was slightly better than expected albeit with full year guidance broadly reiterated. Highlights of the result were strong performance for the all-important mobile business, strong cashflow and a slightly higher than expected interim dividend. The interim dividend is partially franked (90.5%) and above consensus expectations. Our TP lifts to $5.20 and we retain our Hold recommendation.
