S&P/ASX 200 Index (ASX: XJO) shares reached a new all-time high of 9,296.7 points on Thursday.
Meanwhile, let's check out some fresh ratings from Morgans.
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Light & Wonder Inc CDI (ASX: LNW)
The Light & Wonder share price is $119.61, up 1.4% today and down 12% over 12 months.
Morgans maintained its buy recommendation on this ASX 200 consumer discretionary share.
The broker increased its 12-month price target from $168 to $174.
This implies a potential 45% upside ahead.
The changes followed Light & Wonder's 2Q FY26 update yesterday.
Morgans said:
The highlight was margin, where disciplined cost management and a favourable mix drove expansion across all three segments.
We think most of that gain holds through the balance of the year, even as mix shifts toward lower-margin outright sales in a heavily fourth-quarter weighted finish.
We forecast 6.3% growth in consolidated adjusted EBITDA in FY26, with 3Q and 4Q representing 26% and 28% of the full-year outcome, respectively.
Transurban Group (ASX: TCL)
The Transurban share price is $14.68, down 0.1% today and up 6% over 12 months.
Morgans recommends investors trim their positions in Transurban shares.
The broker raised its 12-month price target from $12.50 to $12.63.
This implies a potential 14% downside from here.
Transurban issued an update on NSW toll reform and June traffic volumes this week.
Morgans commented:
We incorporate the impact of Sydney toll reforms (subject to definitive agreements and various approvals expected in 2HCY26) and 2H26 monthly traffic data into our forecasts and valuation.
TCL said the toll reforms were structured to be value neutral and not impact "near term" DPS. We largely agree on value – our target price adjusts -11 cps to $12.63/s albeit this includes actual June quarter CPI lower than we had expected.
The near- term DPS impact is mitigated by key reform changes not applying until FY28.
In coming years we expect TCL's EBITDA growth to be constrained by Melbourne weakness while its interest costs (paid and expensed) rise faster than consensus expectations.
TRIM ahead of first-time FY27 DPS guidance.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is $3.45, up 0.4% today and down 15% over 12 months.
Morgans downgraded the ASX 200 consumer staples share from hold to trim this week.
The broker raised its 12-month price target from $2.80 to $3.20.
This indicates a potential 7% downside ahead.
The changes followed Endeavour's preliminary FY26 report.
Endeavour disclosed a 1.3% lift year over year in group sales to $12,212 million.
However, the underlying net profit after tax (NPAT) fell to $363 million, down from $426 million in FY25.
Morgans said the preliminary figures for underlying sales, EBIT, and NPAT were mostly in line with expectations, but noted higher costs.
The broker increased its 12-month target price "due to an uplift in peer valuation multiples".
Morgans added:
We expect liquor demand to remain under pressure amid elevated interest rates, ongoing cost-of-living pressures and an uncertain macroeconomic backdrop.
The new management strategy also carries execution risk, in our view.
Endeavour will release its finalised FY26 results on 24 August.
