S&P/ASX 200 Index (ASX: XJO) shares are up 0.4% to 9,105.1 points on Tuesday.
As earnings season continues, top broker Morgans has issued some new ratings on ASX 200 shares.
Let’s check them out.
Aristocrat Leisure Ltd (ASX: ALL)
The Aristocrat Leisure share price is $63.30, down 1.9% today and down 10.3% over 12 months.
Morgans has downgraded this ASX 200 consumer discretionary share from buy to accumulate.
The broker said:
We attended the Australasian Gaming Expo (AGE) in Sydney last week, which serves as the key annual showcase for the region’s major slot machine manufacturers.
Alongside meetings with other suppliers and operators, we attended a Q&A session with ALL management and took a guided tour of its product.
Land-based momentum looks solid to us. ALL continues to push new titles onto its existing cabinets while laying the groundwork for the next wave of hardware and the content that comes with it.
Despite the stock trading on c.23x forward PER with a c.2% yield, we continue to see upside potential given the strong momentum entering peak season.
However, following recent share price strength, we revise our rating to Accumulate with a 12-month target price of A$70.00 (prev. A$67.00).
Telstra Group Ltd (ASX: TLS)
The Telstra share price is $4.74, down 1.5% today and down 4% over 12 months.
Telstra shares fell 5.2% after the telco released its full-year FY26 results last Thursday.
Morgans has a hold rating on this ASX 200 telecommunications share.
The broker said:
TLS’s FY26 result and FY27 guidance were largely as expected, with FY26 itself coming in at the middle-to-top end of guidance.
This largely in-line result wasn’t enough for the marginal buyer and TLS shares ended the day down 3%.
We lift FY27/28 EPS by ~4%. Our target price is reduced to $5 as we remove our previously applied premium to valuation.
Hold recommendation retained.
ANZ Group Holdings Ltd (ASX: ANZ)
The ANZ share price is $37.45, down 1.1% today and up 15% over 12 months.
ANZ shares rose 4.5% after the bank released its 3Q FY26 update last Thursday.
Morgans maintained its trim rating on this ASX 200 bank share.
The broker said:
Underlying earnings growth, delivery of cost decline and low bad debts were a feature of the trading update, with lifting momentum behind revenue growth.
Forecast changes are immaterial. 12-month target price reset to $33.53/s.
TRIM retained, with potential TSR at current prices of c.-9% (including 4.4% yield).
