The S&P/ASX 200 Index (ASX: XJO) has opened with a slight dip on Monday.
Simultaneously, the team at Morgans have provided updated guidance on Bank of Queensland Ltd (ASX: BOQ) and PLS Group Ltd (ASX: PLS) shares.
Bank of Queensland shares have stayed relatively flat in 2026, while PLS shares have raced ahead by a further 34%.
It appears that Morgans views these ASX 200 stocks very differently moving forward.
Here's the latest from the broker.
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Bank of Queensland
Bank of Queensland released its half-year results last week.
The bank reported a 4% increase in revenue to $835 million, but a 20% drop in statutory net profit after tax to $136 million.
As The Motley Fool's Laura Stewart reported last week, BOQ's business mix continued to shift towards commercial lending, which grew by 16% over the half, while housing loan balances contracted.
This result led to a hefty single-day fall of 7% last Wednesday, and investors reacted negatively to the results.
In a new note out of Morgans, the broker said BOQ's 1H26 earnings per share declined -12% on the previous period. This beat Morgan's forecast by 4%.
The broker has made small changes to its forecasts for BOQ. Earnings per share (EPS) estimates for FY26 to FY28 have been tweaked slightly, ranging from a 1% increase to a 4% decrease.
At the same time, dividend per share (DPS) forecasts have been increased, because the bank is expected to pay out a larger share of its profits and maintain a strong capital position (CET1 ratio).
Upgrade from HOLD to ACCUMULATE, with recent share price decline lifting the potential TSR to c.18% TSR. BOQ's attractive fully franked dividend and upcoming capital release may appeal in particular to income-oriented investors.
The broker has an unchanged price target of $7.39, which indicates a potential upside of 11.6% from today's stock price hovering around $6.62.
PLS Group
PLS shares have continued to climb in 2026, following a strong year last year.
The company also released updated results last week, which included record production, +8% ahead of consensus expectations, and costs -13% ahead of consensus expectations.
Morgans said this highlights PLS' strong operating leverage.
However, the broker now sees the upside fully priced in for PLS shares.
Strong cash build supports growth and potential shareholder returns. Move to a TRIM rating (previously HOLD) with a A$5.40ps target price. PLS is our preferred lithium exposure, but we see much of the near-term upside priced in and suggest selectively trimming positions.
At the time of writing, PLS shares are changing hands for approximately $5.80 each.
