The S&P/ASX 200 Index (ASX: XJO) spiked to an all-time high in early August. After falling from that peak, it remains up around 3% year-to-date.
Concerns about inflation, higher interest rates and a rising oil price saw stocks soften across much of the index.
Some ASX 200 shares, like Transurban Group Ltd (ASX: TCL) and Aurizon Ltd (ASX: AZJ) were smashed by the slump in sentiment, while others, such as APA Group Ltd (ASX: APA) bucked the trend and flew higher.
Here's a breakdown of how each of these shares are tracking now, and what brokers tip next.
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Hold APA shares
At the time of writing, APA shares are trading at $10.94 a piece. That's a 6% increase over the past month and around a 21% increase for the year-to-date.
The shares stormed higher after the company reported its FY26 results in mid-August, which surpassed guidance.
APA reported an 8.3% increase in underlying EBITDA as part of its FY26 results this morning. It also announced a 3.2% increase in its free cash flow and 1.9% uplift in statutory revenue (excluding pass-through), and a 81.4% jump in statutory net profit.
Going forward, APA is also guiding a higher underlying EBITDA of between $2,260 million and $2,340 million for FY27.
The share price has climbed around 8% higher since its results announcement, but it looks like the shares could now be around fair value.
Market Index data shows the majority of brokers have a hold rating on APA shares. The average $9.65 target price implies a potential 12% downside at the time of writing.
Hold Transurban shares
Transurban shares have fallen around 8% over the past month, at the time of writing. The slump means the shares are now down around 3% for the year-to-date.
The shares started sliding after it posted its FY26 update. The toll road company reported a 7.5% increase in its proportional operating EBITDA and a 6.7% increase in its proportional toll revenue growth. EBITDA market also increased to 75.7%, up from 74.9% in FY25.
But it looks like investors are concerned about Transurban's climbing debt-servicing costs and are now questioning whether its shares are now trading at over stretched valuations. The shares are now down around 6% since the results announcement.
Brokers are also reserved about the outlook for the shares. Market Index data shows that the majority have a hold rating on APA shares. The $13.95 average target price implies around a 2% upside ahead, at the time of writing.
Hold Aurizon shares
Aurizon shares crashed around 13% following its FY26 results last month. There has been a slight share price recovery, but they're still down around 12% over the past month.
The rail freight operator posted a 6% increase in revenue, a 9% increase in underlying EBITDA, and a 24% increase in underlying NPAT. Management also raised its full-year dividend 46% to 23 cents per share.
Going forward, Aurizon is guiding underlying EBITDA of $1,725–$1,775 million, with full-year dividends expected to be in the range of 23 to 24 cents per share.
The company is targeting higher earnings in the Network and Bulk divisions, but it said Coal is expected to moderate due to lower contracted volumes. Containerised Freight is forecast to reach break-even on an EBITDA basis.
But it looks like investors are concerned about the cautious FY27 guidance figures and declining coal haulage expectations.
Brokers are also reserved. Again, Market Index shows that the majority of brokers have a hold rating on the shares. The $3.68 target price implies a downside of around 1% at the time of writing.
