Buy, hold, sell: Coles, Paladin Energy, and Woodside shares

Morgans has updated its view on these stocks.

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There are a lot of ASX shares out there for investors to choose from.

To narrow things down, let's take a look at what the team at Morgans is saying about the three popular shares listed below. 

Here's what it is recommending:

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Coles Group Ltd (ASX: COL)

This supermarket giant delivered a result that was largely in line with expectations in FY 2026 despite a challenging operating environment. Morgans said:

COL's FY26 result was broadly in line with expectations, with Supermarkets the key highlight while Liquor remained soft. Despite a challenging operating environment due to ongoing cost-of-living pressures, geopolitical uncertainty and increasing regulatory complexity, COL continued to gain market share in Supermarkets with momentum building across its digital business. COL also outlined several initiatives to support its next phase of growth. 

Alongside the ongoing development of its VIC automated distribution centre, the company plans to accelerate investment in stores, online capacity and technology, while repositioning its liquor offering with a greater focus on supermarket co-locations and a more integrated food and drinks proposition.

In response to the release, Morgans has retained its accumulate rating (between buy and hold) with an improved price target of $25.40. It adds:

We adjust FY27/28/29F underlying EBIT by +1%/+2%/+2%. Our target price increases to $25.40 (from $24.60) and we maintain our ACCUMULATE rating.

Paladin Energy Ltd (ASX: PDN)

This uranium producer's FY 2026 results impressed Morgans. It highlights that the Langer Heinrich Mine outperformed guidance for production, sales and costs. The broker said:

Cash is starting to flow – PDN delivered positive operating cash flow for the first full year since the restart, generating US$38m in FY26 and marking the transition from ramp-up story to steady-state and cash-generating producer. Guidance beaten across the board – Langer Heinrich Mine (LHM) exceeded FY26 production, sales and cost guidance, providing further evidence that the operation can sustainably deliver and continues to build momentum as it enters more steady state operations. 

However, due to recent share price strength, the broker has downgraded Paladin Energy's shares to an accumulate rating with an improved price target of $14.10. It adds:

Following recent share price strength, we move to an ACCUMULATE (previously BUY) with an increased price target of A$14.10ps.

Woodside Energy Group Ltd (ASX: WDS)

Energy giant Woodside outperformed expectations in the first half of FY 2026 according to Morgans. 

It highlights that stronger than expected realised prices underpinned an earnings beat. It said:

WDS delivered a 1H26 EBITDAX beat (+6%) and inline underlying NPAT result (+1%). Underlying NPAT of US$1,334m ~1% ahead of consensus and ~3% ahead of MorgansF, was driven by stronger realised pricing (+20% yoy) and trading activity. Costs were inside the ranges pre-announced with the Q2 report. The interim dividend of US57cps (+8% YoY) was held at an 80% payout of underlying NPAT despite gearing (20.6%) sitting marginally above the 10-20% target range. A H2 skew in production and realised prices will help, while management also announced a US$350m pa cost savings target from 2028. 

However, due to its current valuation, the broker has held firm with its hold rating and $32.20 price target. It concludes:

We maintain our HOLD rating and A$32.20 target price.

Motley Fool contributor James Mickleboro has positions in Woodside Energy Group Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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