S&P/ASX 200 Index (ASX: XJO) shares are down 0.4% to 8,804 points on Friday.
Among the 11 market sectors, energy is in the lead today, up 1.9%, while technology lags, down 2.6%.
Meanwhile, Ord Minnett has released new research notes on these three ASX 200 shares.
Let's see what the broker has to say.
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Resmed CDI (ASX: RMD)
The Resmed share price is $27.33, down 0.8% today and down 33% over 12 months.
Ord Minnett kept its buy rating on this ASX 200 healthcare share.
In its new note, the broker said:
ResMed (RMD) sold its MatrixCare unit, a supplier of software to manage post-operative out of hospital care for senior citizens, for US$400 million ($705 million) in cash, with net proceeds to be used to return capital to shareholders via an accelerated share buyback program.
Ord Minnett viewed the decision to offload MatrixCare, which is being bought by private equity group Frazier Healthcare Partners, as strategically sound given the business was complementary rather than core to its sleep apnoea and respiratory-focused residential care software (RCS) division.
ResMed also reiterated guidance for an FY26 gross operating margin of 62–63%, a selling, general, and administrative (SG&A) expenses-to-sales ratio of 19–20%, and an R&D-to-sales ratio of 6–7%.
Ord Minnett trimmed its 12-month share price target to $36.60, implying a potential near-35% upside from here.
Lendlease Group (ASX: LLC)
The Lendlease share price is $2.80, down 3% today and down 47% over 12 months.
Ord Minnett maintained a hold rating on the ASX 200 real estate share after reviewing its model ahead of Lendlease's FY26 results.
Lendlease is due to report its results on 17 August.
The broker raised its target price on Lendlease shares to $3.20 from $2.85, indicating a potential 14% upside from here.
Ord Minnett commented:
We maintained our Hold recommendation despite the apparent upside on offer, given the uncertainty around further asset sales and business performance as the one-time blue-chip company reshapes its business.
Nick Scali Ltd (ASX: NCK)
The Nick Scali share price is $15.33, up 0.1% today and down 17% over 12 months.
Ord Minnett downgraded the ASX 200 consumer discretionary share from hold to lighten after reviewing its model amid a "challenging outlook for the furniture retailer".
The broker said:
In its dominant Australian market, changes to negative gearing and the taxation of capital gains in the May federal budget drove a slump in auction clearance rates and caused housing prices to stumble. These factors point to reduced housing turnover, a key factor in discretionary purchases of goods such as furniture.
Meanwhile, the company, whose business is inextricably linked to the broader economic situation, also faces a slump in consumer sentiment, which has sunk to levels even lower than those seen in the COVID-19 pandemic, as constrained households juggle rising prices for everyday goods and services and higher interest rates that are unlikely to move lower until at least next year.
The broker reduced its target price on Nick Scali shares to $14 from $15, suggesting a potential 9% downside from here.
