Last week was a big one for Aussie investors, with some large-cap ASX shares releasing their latest results.
Three that Morgans has been looking at are listed below. Here's what the broker is saying about them:
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Fortescue Ltd (ASX: FMG)
Morgans was pleased with this iron ore giant's half-year results. It highlights that the miner delivered earnings ahead of expectations.
However, it wasn't quite enough for a buy recommendation. Instead, the broker has upgraded NextDC's shares to a hold rating with a $20.60 price target. It said:
The hematite business delivered a 5% EBITDA beat; the problem is what happens to the cash after that. A strong hematite result, but 43% of group capex is directed to activities generating zero current earnings, compressing FCF conversion to 48% and ROCE to 19%. NPAT miss reflects rising capital intensity, with a sharp rise in D&A. Dividend solid at A$0.62/share. Post recent pullback we upgrade to HOLD.
NextDC Ltd (ASX: NXT)
This data centre operator had a strong finish to the first half, delivering more unit sales in the final month than it did in the three years before.
In light of this, the broker sees a path to $700 million in EBITDA in FY 2029. And given its undemanding valuation, Morgans has retained its buy rating with an improved price target of $20.50. It said:
NXT sold more MWs in the month of December 2025 than in the preceding 36 months combined. It was a record sales period for enterprise and hyperscale. The 416MW now contracted underpins FY29 underlying EBITDA of >$700m (without new contract wins) and sees NXT trading on an undemanding ~22x EV/Contracted EBITDA, with upside potential. BUY retained and target price lifted to $20.50 from $19.00 following our upgrades.
Woolworths Group Ltd (ASX: WOW)
This supermarket giant's half-year results surprised to the upside. However, to prove that this wasn't a fluke, Morgans wants to see more of the same before it will recommend Woolworths shares as a buy.
It has retained its hold rating with an improved price target of $37.30. It said:
WOW's 1H26 result overall was above expectations, with productivity and cost efficiencies a key highlight as all divisions delivered improved margins. Management said competition remains elevated and customers continue to be value-focused. While there were tentative signs of improving customer sentiment toward the end of CY25, persistent inflation and rising interest rates have led customers to revert to finding ways to save.
We increase FY26-28F underlying EBIT by between 0-3%. While 1H26 performance was solid, we would prefer to see further evidence of consistent execution before moving to a more positive view on the stock. We therefore maintain our HOLD rating. Our target price increases to $37.30 (from $28.25) following a roll-forward to FY27 estimates and a higher valuation multiple of 25.5x (from 22x previously), reflecting improved execution and stronger sales momentum across all segments.
