The team at Bell Potter has been busy running the rule over a number of results this week.
Let's see what the broker is saying about these ASX shares this morning:
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Endeavour Group Ltd (ASX: EDV)
Bell Potter has downgraded this drinks giant's shares to a hold rating with a reduced price target of $3.60 following the release of its FY 2026 results.
While the broker is feeling reasonably upbeat about the BWS and Dan Murphy's owner, it feels that any potential upgrades are already priced in. It said:
We see consensus revision risk as skewed to the upside, with Retail yet to fully benefit from improved consumer price perception following the shelf price resets. However, the current value-to-growth arithmetic suggests these potential upgrades are already priced in, with EDV sitting at the more expensive end of ASX 100 valuations.
We note that VA consensus has yet to reflect an uplift in Hotels EBIT despite the company's accelerated investment in Hotel renewals, presenting further upside to earnings in FY29 onwards, although this is likely offset by rent reviews which will impact FY29-30.
JB Hi-Fi Ltd (ASX: JBH)
Bell Potter remains positive on this retail giant following the release of its FY 2026 results.
Although the broker suspects that trading conditions could remain challenging in the near term, the broker believes this will be a cyclical low. As a result, it has retained its buy rating with a trimmed price target of $81.00. Bell Potter said:
While we anticipate challenging trading conditions over the next ~9 months for the overall Consumer Discretionary sector with our views of FY27 as the cyclical low point for most retailers, we see the ability of JBH to relatively outperform the peer group from 2H27e onwards.
New Hope Corporation Ltd (ASX: NHC)
The broker has retained its hold rating and $5.00 price target on this coal miner's shares following its results release.
While pleased with its performance in FY 2026 and positive on its outlook, Bell Potter appears to believe its shares are fully valued now. It explains:
We retain a Hold recommendation and apply a 10% premium to our sum of the parts valuation with energy security concerns exacerbated by geopolitical issues. NHC's low-cost operations will continue to underpin margins through the coal price cycle, funding capital expenditure commitments and supporting shareholder returns.
Beyond ramp-up of New Acland Stage 3, we see a limited organic production growth pipeline and believe NHC may participate in industry consolidation.
