Buy, hold, sell: Ramsay Health Care, PLS Group, Woolworths shares

S&P/ASX 200 Index (ASX: XJO) shares are 0.3% higher at 9,062.7 points on the second last day of earnings season.

Brokers have been reviewing ASX 200 company reports and updating their ratings and 12-month price targets accordingly.

Here are three updates from Morgans.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is $38.95, down 1.5% today and up 37% over 12 months.

Woolworths released its FY26 earnings this week.

Morgans reiterated its accumulate rating on the ASX 200 consumer staples share.

The broker raised its 12-month price target from $37.30 to $43.50.

This implies potential capital gains of 11% ahead for Woolworths shares.

Morgans said:

WOW’s FY26 result was slightly better than expected. Australian Food earnings were in line with our forecast, while Australian B2B and W Living exceeded expectations. NZ Food was softer following a challenging 2H26.

Encouragingly, Australian Food sales momentum has continued into early FY27, supported by the popular Disney Ooshies collectibles campaign. Excluding this benefit, sales growth remained solid, indicating the underlying business continues to perform well.

Our target price increases to $43.50 (from $37.30), reflecting changes to earnings forecasts and a higher valuation multiple.

The multiple expansion reflects continued positive momentum in the core Australian Food segment, our increased confidence that this sales growth can be sustained, and improved execution.

Ramsay Health Care Ltd (ASX: RHC)

The Ramsay Health Care share price is $50.98, up 1.8% today and up 50% over 12 months.

Ramsay Health Care released its FY26 report this week.

Morgans renewed its hold rating on the ASX 200 healthcare share with a $49.39 target.

This suggests the stock is fully valued.

The broker said:

FY26 underlying NPAT increased 23% and was ahead of expectations, with EBIT growth and positive OCF (ex – Santé). Australia remained the earnings driver, while UK Acute was the standout and Elysium showed a material 2H turnaround.

Pleasingly, Australia delivered EBIT growth of 11.2% and 30bp margin expansion despite a 4% headwind from new funding at Joondalup public, supported by activity, acuity, theatre utilisation, PHI indexation and cost control.

While we view result quality as encouraging (OCF & ROCE up), FY27 guidance is qualitative, with management only targeting EBIT growth and margin expansion (ex – Santé), leaving the sustainability question open for debate.

The PLS Group share price is $5.34, up 3.6% today and up 132% over 12 months. 

PLS Group released its FY26 results this week.

Morgans downgraded the ASX 200 lithium share from hold to trim with a $4.60 target.

This suggests a potential 13% downside ahead.

Morgans commented:

PLS delivered an in-line FY26 Underlying EBITDA result and surprised with a maiden 5cps fully franked final dividend (22% FCF payout).

We view PLS as fairly valued at current levels, with its premium to peers already reflecting the company’s best-in-class execution, balance sheet and growth optionality.

Depleted lithium inventories leave scope for short-term upside, though we see the medium-term outlook as more volatile given uncertainty around supply and demand drivers.