The team at Morgans has been busy reviewing a large number of results from ASX shares.
Three that have received accumulate ratings following their review are named below. Here's what the broker is saying about them:
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Coles Group Ltd (ASX: COL)
Morgans notes that this supermarket giant delivered a half-year result that was a touch softer than it was expecting. This was particularly the case with the Liquor business, which is battling subdued market conditions and high levels of competition.
Nevertheless, the broker saw enough in the result to upgrade Coles shares to an accumulate rating with a $22.90 price target. It said:
While COL's 1H26 result was slightly softer than expected, execution remains strong in the core Supermarkets division. In line with commentary from Woolworths (WOW), COL said customers remain value conscious and the grocery market continues to be highly competitive. In Liquor, the market remains subdued with competitive intensity increasing, particularly in 2Q26 as Endeavour Group (EDV) stepped up its investment in pricing and promotions.
Despite the slight downgrade to earnings, our target price remains unchanged at $22.90 due to a roll-forward of our valuation to FY27 forecasts. With a 12-month forecast TSR of 15%, we upgrade our rating to ACCUMULATE (from HOLD). In our view, COL continues to perform well with key Supermarkets metrics such as customer scores, sales growth, cost discipline and store execution remaining solid. We hence view the recent share price pullback as an attractive entry point.
PEXA Group Ltd (ASX: PXA)
This property settlements company could be an ASX share to accumulate according to Morgans.
It was pleased with its performance in the first half, highlighting that its profits were well ahead of expectations.
In response, the broker has retained its accumulate rating with an increased price target of $17.01. It said:
PXA's 1H26 core NPAT (A$21m) was up +90% on the pcp and double Visible Alpha consensus (A$9.3m). FY26 Core NPAT guidance was also lifted from A$5m to A$15m, to $15m to A$25m. We saw this as a robust result overall. Whilst PXA clearly benefited from an improved volume environment in both Australia and the UK in 1H26, the +3% improvement in the group EBITDA margin highlighted strong cost control, and benefits from efficiency improvements.
In our view, revised FY26 guidance still appears conservative, whilst the key stock catalyst of the launch of the Natwest remortgage product is tracking to schedule. We lift our PXA FY26F/FY27F cash EPS by >+10% on the stronger than expected 1H26 result, and re-modelling for PXA's new divisional disclosures. Our PT rises to A$17.01 (previously A$16.09). ACCUMULATE maintained.
TPG Telecom Ltd (ASX: TPG)
Finally, this telco delivered an FY 2025 result that was in line with expectations.
One item that Morgans was particularly pleased with was its mobile subscriber growth, which was strong. As a result, it has retained its accumulate rating and lifted its price target to $4.40. The broker explains:
TPG's FY25 result was in line with guidance and consensus expectations, as was its underlying EBITDA and capex guidance for FY26. The highlight was continued strong mobile subscriber growth. For many years TPG/Vodafone has struggled to grow mobile market share. However, over the course of 1HCY25 and 2HCY25 it has ignited growth and outpaced peers in terms of mobile subscriber growth.
Its network quality and brands are resonating with consumers and medium-term mobile growth could soon become a trend. We make non-material underlying forecast changes. Our target price lifts to $4.40 from $4.20 and we retain our Accumulate recommendation.
