S&P/ASX 200 Index (ASX: XJO) shares are 0.2% higher at 9,073.3 points on Thursday.
As earnings season continues, Morgans has updated its ratings and 12-month price targets following company reports.
Let’s take a look at the broker’s assessment of these ASX shares post-results.
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SRG Global Ltd (ASX: SRG)
The SRG Global share price is $3.99, down 2.8% today and up 115% over 12 months.
Over the past month, this ASX 200 industrial share has risen 13%.
Morgans kept a buy rating on this ASX 200 industrial share after reviewing the company’s FY26 report.
SRG delivered a strong FY26 with EPSA growth of +30%, largely consistent with its 5-year EPSA CAGR of +32%.
FY27 guidance was upgraded, and the momentum looks set to continue.
Organic growth is strong (2H EBITA +19%) and the order book has risen sharply (+20% in 6 months), providing robust visibility into FY27 and beyond.
Although SRG has re-rated, earnings momentum via organic and inorganic growth could see the company continue to compound +30% EPS growth over the next 3 years.
The broker raised its share price target from $4.20 to $4.70.
This implies a potential 15% upside from here.
The Cochlear share price is $137.26, down 0.1% today and down 55% over 12 months.
Over the past month, this ASX 200 healthcare share has increased 15%.
Morgans retained a hold rating on this healthcare heavyweight share after its FY26 report.
FY26 result was mixed, with underlying NPAT of A$322m, 6% above our forecast, despite revenue of A$2,348m being broadly in line.
The result benefited from a stronger 2H, particularly Services and cochlear implant (CI) volumes, although margins remained under pressure.
Notably, Nexa adoption has been solid, capturing >95% of developed-market (DM) implants, but has yet to translate into an acceleration in underlying market growth.
FY27 NPAT guidance of A$330-350m implies only modest growth and not yet a material earnings inflection.
Morgans has a share price target of $138.42, which implies just 1% growth ahead.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is $38.33, down 1.5% today and down 9% over 12 months.
Over the past month, this ASX 200 bank share has fallen 3%.
Morgans maintained a trim rating on the ASX 200 bank share after NAB’s 3Q FY26 update.
The broker said:
3Q26 cash profit growth trailed 2H26 consensus expectations, driven by slower revenue growth (particularly the relatively higher quality net interest income).
No change to FY26F EPS, but FY27/28F moderated on lower net interest income growth outlook.
DCF valuation declines -3% to $35.19/sh.
TRIM retained. Potential TSR c.-5% at current prices (including c.4.4% yield).
Morgans has a 12-month target of $35.19 on NAB shares.
This implies a potential 8% downside ahead.
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