The team at Morgans has been busy updating its views on a number of popular ASX 200 shares this month.
Three that the broker has been looking at are listed below. Here’s what it is saying about them:
ANZ Group Holdings Ltd (ASX: ANZ)
Morgans was pleased enough with ANZ’s trading update. However, it isn’t a fan of its valuation and sees potential for negative returns even after dividends. As a result, it has put a trim rating and $33.53 price target on ANZ Bank’s shares. It 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).
Although this financial technology company delivered a softer than expected half-year result, Morgans remains positive. This is due to the quality of its earnings improving and its modernisation story.
This saw the broker retain its buy rating with a $9.65 price target. It said:
IRE’s 1H26 result was softer than anticipated, with slower revenue momentum along with currency headwinds the main drivers. While Group revenue & underlying EBITDA fell short of MorgF by -2%/-4% respectively, earnings quality continued to improve as efficiency program cost improvements saw underlying EBITDA margins from continuing operations improve +330bps YoY. Revised FY26 guidance sees revenue & UPAT expectations lowered by ~4% at the midpoint, however Cash EBITDA guidance of A$119-124m (+19-24% YoY) was raised, supported by efficiency program delivery, more moderate Capex outlook, and a further A$6-9m of cost savings to be delivered over 2H26 (implying 2H26 Cash EBITDA of A$58-63m).
We trim our underlying UPAT forecasts by -2 to -6%, which sees our price target reduce by ~7% to A$9.65. Although top line momentum has softened in the half, execution of IRE’s broader efficiency / modernisation story in our view remains on track (albeit early days). We therefore retain our BUY rating.
This retail giant delivered a result largely in line with expectations for FY 2026. The only disappointment was its trading update, which revealed a weaker than expected start to FY 2027.
In response, Morgans has retained its accumulate rating on JB Hi-Fi shares with a trimmed price target of $82.00. It explains:
JBH reported a broadly in-line FY26 result, with NPAT up ~3%. However, sales growth slowed in the 4Q, including turning negative in JB Hi-Fi Australia. The July trading update was below market expectations, with 3 out of 4 divisions reporting negative comparable sales growth, and tracking below 1H27 consensus. This was impacted by price increases, supplier stock shortages, weaker consumer backdrop and cycling a strong pcp. We expect some of these headwinds to ease as the year progresses, although the macro trading environment remains choppy.
We have downgraded our NPAT forecasts by ~5% in FY27 and FY28, respectively. Our valuation lowers to $82.00 driven by earnings downgrades, offset by rolling forward our model. We maintain our ACCUMULATE rating.
