The team at Morgans has been busy running the rule over a number of popular ASX 200 shares recently.
But does the broker think they are buys, holds, or sells? Let's see what it is saying about them:
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Cochlear Ltd (ASX: COH)
This hearing solutions company delivered a result that was below expectations during the first half of FY 2026.
And while the broker notes that demand for the new Nucleus Nexa system is increasing, it isn't enough for a buy rating at this point. It has put a hold rating and $214.93 price target on its shares. However, this is comfortably ahead of the current Cochlear share price of $172.36. It said:
The 1H26 result was softer than expected, with revenue, margins and profit negatively impacted mainly on longer than anticipated contracting for the newly launched Nucleus Nexa system (Nexa). Soft Cochlear Implants (CI) growth mis-matched sales, reflecting unfavourable emerging market mix and delayed developed market momentum, while Services was flat and Acoustics surprised to downside on increased competitive pressures.
While Nexa adoption accelerated late in the half and management maintained FY26 guidance, but now is targeting the lower end of the range, it increases reliance on a strong 2H recovery which appears optimistic, especially in light of flat GM and FX headwinds. We adjust our FY26-28 estimates and lower our target price to A$214.93. We maintain a cautious stance, but move to HOLD on share weakness.
South32 Ltd (ASX: S32)
Unlike Cochlear, this mining giant outperformed expectations during the first half.
While Morgans was impressed with its result, due to its current valuation, it has lowered its rating to accumulate with a $5.00 price target. This compares to the latest South32 share price of $4.42. It said:
Bumper 1H26 EBITDA comfortably ahead of consensus and close to our estimate, riding consistent production and higher base and precious metals. 15% interim dividend beat and upsized capital management of an extra US$100m. Not all positive, Hermosa budget increase flagged for H2 a ST risk to monitor. Guidance unchanged, besides Brazil Aluminium output and capex timing tweaks.
We lower our rating to ACCUMULATE (from BUY) with an unchanged A$5.00 TP, recommending patience when adding following the recent share price surge.
Westpac Banking Corp (ASX: WBC)
Finally, Morgans has been looking at Westpac shares following its first-quarter update.
Although the broker was pleased with the update, it has only been enough to upgrade its shares to a trim rating (between sell and hold) with a $35.12 price target. This compares to the latest Westpac share price of $39.85. It said:
A largely stable 1Q26 result compared to the 2H25 quarterly average (normalised for 2H25's restructuring charge), which is better than 1H26 expectations. We are assuming a more bullish loan growth and impairments outlook than previously (and slightly more conservative costs).
There is no change to FY26F EPS but there are 5-8% upgrades to FY27-28F. Target price lifts to $35.12/sh. We upgrade to TRIM given the improved, but still negative, potential TSR.
