Defensive ASX shares have attracted plenty of attention from investors in recent years.
But after strong share price moves across parts of the market, are the big names in this article still buys?
Here's what brokers are saying.
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Coles Group Ltd (ASX: COL)
The first ASX share to look at is Coles. The supermarket giant remains one of the more defensive businesses on the ASX. Australians continue buying groceries through all parts of the economic cycle, which gives Coles a level of earnings resilience that many discretionary retailers do not have.
UBS is positive on the company and currently has a buy rating and $25.50 price target on its shares. Based on the current Coles share price of $23.51, that implies potential upside of approximately 8.5%.
UBS is also forecasting dividends per share of 77 cents in FY 2026 and 89 cents in FY 2027. This represents dividend yields of approximately 3.3% and 3.8%, respectively.
Telstra Group Ltd (ASX: TLS)
Another defensive ASX share that is popular with investors is Telstra.
The telco giant has a large mobile network, strong brand, and exposure to essential communications services. That can make it attractive to income-focused investors.
However, the share price already appears to reflect a fair amount of good news.
Macquarie currently has a neutral (hold) rating and $5.57 price target on Telstra shares. Based on the current share price of $5.10, the price target suggests potential upside of approximately 9.2%.
As for income, Macquarie expects dividends per share of 21 cents in FY 2026 and 21.5 cents in FY 2027. That implies forward yields of approximately 4.1% and 4.2%, respectively.
Wesfarmers Ltd (ASX: WES)
A third ASX share that has defensive qualities is Wesfarmers.
It owns some of Australia's strongest retail businesses, including Bunnings and Kmart. These brands have scale, loyal customers, and strong market positions.
But quality can come at a price. Macquarie has a neutral rating and $85.00 price target on Wesfarmers shares. This compares with the current Wesfarmers share price of $86.23.
With respect to income, the broker is forecasting dividends per share of 192 cents in FY 2026 and 224 cents in FY 2027. Based on the current share price, this represents forward yields of approximately 2.2% and 2.6%.
Woolworths Group Ltd (ASX: WOW)
A final defensive ASX share that is popular with investors is Woolworths.
Like Coles, Woolworths benefits from defensive supermarket demand. It also has scale, a major store network, and a large digital business. But Bell Potter is not calling it a buy at current levels.
The broker has a hold rating and $35.50 price target on Woolworths shares. This compares with the current share price of $38.23.
Bell Potter expects dividends per share of 91 cents in FY 2026 and 94 cents in FY 2027. This represents forward dividend yields of approximately 2.4% and 2.5%.
