Analysts at Ord Minnett have been running the rule over a number of ASX 200 shares this month.
Does the broker rate them as buys, holds, or sells? Let's take a look:
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Mineral Resources Ltd (ASX: MIN)
This mining and mining services company recently delivered a strong quarterly update, with volumes across iron ore, lithium, and mining services all exceeding the broker's expectations.
This has ultimately seen Ord Minnett boost its earnings estimates for FY 2026 and FY 2028.
However, due to significant strength in its share price, the broker has downgraded Mineral Resources shares to an accumulate rating (from buy) with an improved price target of $67.00. It said:
Post the result, we have incorporated actuals, a lower cost of debt and higher operating costs. Across the forecast horizon, this leads to a 3.3% upgrade in our EPS estimate for FY26, a cut of 7.3% for FY27, and an increase of 4.7% in FY28. As a result, we raise our target price on Mineral Resources to $67.00 from $65.00 but downgrade our recommendation to Accumulate from Buy on valuation grounds given the stock's almost 20% surge in April.
Sigma Healthcare Ltd (ASX: SIG)
Ord Minnett sees more value in Sigma shares.
In response to news that the Chemist Warehouse owner is expanding into the UK market, it has retained its buy rating on its shares with an improved price target of $3.40.
Commenting on the expansion, the broker said:
Chemist Warehouse will enter the UK market via a JV with GreenLight, a British pharmacy group founded in 1999 with 22 stores across Greater London. Phase 1 of the agreement to focus on five initial stores with Sigma set to acquire a 75% interest in each, while GreenLight leverages Chemist Warehouse's intellectual property (IP) and retail support.
It is, in effect, only a pilot operation at this stage, but we see the UK opportunity as significant it is a large and fragmented market – more than 13,000 pharmacies, with Boots being the No.1 player with 13% share and independents making up 29%. The traditional UK pharmacy model is also under stress, with around 47% of stores making losses at the operating earnings (EBITDA) line, and the industry exhibits only limited retail innovation given a strong dispensary skew. We raise our target price on Sigma to $3.40 from $3.30 and reiterate our Buy recommendation.
Ventia Services Group Ltd (ASX: VNT)
A third ASX share that Ord Minnett has been looking at is infrastructure services company Ventia Services.
It was pleased to see management recently reaffirm its expectation for its operating earnings margin to at least match what it achieved in 2025.
Ord Minnett expects management to deliver on this and then expects further expansion through to 2030.
However, this is not quite enough for a buy recommendation. The broker has retained its accumulate rating with an improved price target of $6.10. It said:
Ventia noted costs related to redundancies from some lost defence work and the end of a NSW schools contract would weigh on first-half CY26 results although management was confident its operating earnings margin (EBITDA) would at least match the 8.7% booked in CY25 given efficiency savings and a concentration on winning work in the above-mentioned higher-margin markets.
We have raised our forecast for EBITDA margins to 8.8% in CY26 before expanding to more than 9% by CY30 as its business mix improves. Post the investor day, we have trimmed our CY26 EPS estimate by 0.7%, while our CY27 and CY28 forecasts rise by 1.6% and 4%, respectively, which leads us to raise our target price on Ventia to $6.10 from $6.05. We maintain our Accumulate recommendation.
