The team at Morgans has been busy running the rule over a number of ASX 200 shares during earnings season.
Three shares that the broker is telling investors to accumulate are named below. Here's what it is saying about them:
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Goodman Group (ASX: GMG)
Morgans notes that this industrial property giant has been building a significant presence in the data centre market.
While it is positive on the move, it notes that its success now hinges on converting customer negotiations into commitments for these centres. The broker 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.
Morgans has an accumulate rating and $36.05 price target on the ASX 200 share.
Netwealth Group Ltd (ASX: NWL)
Another ASX 200 share that caught the eye of Morgans is investment platform provider Netwealth.
It delivered a strong half-year result, which was ahead of expectations. The broker commented:
NWL reported 1H26 Revenue +24.7%; EBITDA +24.0%; and Underlying NPAT +19.8% on pcp, delivering strong momentum across the group, which was ahead of expectations. FY26 EBITDA margin guidance was reiterated for, implying 2H26 is expected to see a step-up in investment vs 1H26 ahead of the formal launch of its Broker/iHIN offering in 3Q26. Netflow guidance was also reaffirmed, with the group confident of momentum into FY27 as it looks to further scale its offering. We make minor changes to our NPAT forecasts of +3%/-1%/-3%, overall, this sees our price target move to A$29.00/sh, and we retain our ACCUMULATE rating.
Morgans has an accumulate rating and $29.00 price target on Netwealth's shares.
Suncorp Group Ltd (ASX: SUN)
Finally, Morgans sees insurance giant Suncorp as an ASX 200 share to accumulate.
It notes that Suncorp delivered a result a touch short of expectations despite significant weather disruption. It said:
SUN's 1H26 NPAT (A$263m) was well down on the pcp ($1.1bn) due to bad weather, but it was only -2% below consensus ($268m). Overall, we saw this as a reasonable result, albeit similar to key peer IAG, SUN did deliver a mild downgrade to FY26 top-line growth guidance. We make relatively nominal changes to our SUN FY26F/FY27F EPS of -2%/+1% on a review of our earnings assumptions.
Morgans has retained its accumulate rating with a trimmed price target of $17.01.
