S&P/ASX 200 Index (ASX: XJO) shares are down 0.4% to 9,052.4 points on Friday.
Amid earnings season, brokers continue to reassess their ratings and 12-month targets on ASX 200 shares post-results.
Let’s check out some new notes from Morgans and Bell Potter.
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Sonic Healthcare Ltd (ASX: SHL)
The Sonic Healthcare share price is $20.93, down 2.1% today and down 16% over 12 months.
Bell Potter maintained its buy call on this ASX 200 healthcare share after reviewing the company’s FY26 report.
The broker shaved its 12-month share price target down from $28.75 to $27.50.
This implies a possible 31% upside ahead.
Bell Potter commented:
SHL reported EBITDA of c.$1.92b (cc) which was within the guidance range of c.$1.87b – c.$1.95b.
On a reported basis, EBITDA of c.$1.93 was in line with consensus, but c.1.5% below BPe.
The result was impacted by a range of nonrecurring items that more than offset the one-off gain from the Brisbane lab sale &
leaseback transaction.While the headline EBITDA margin was c.10bp lower than pcp, margins in the 2H showed meaningful improvement at c.19% v
c.16.7%.
Sonic Healthcare is benefitting from a broader sector rebound since 3 June.
The S&P/ASX 200 Health Care Index (ASX: XHJ) has risen 41% since then, compared with a 3% bump for the ASX 200.
The Sonic Healthcare share price has improved 11% since 3 June.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is $13.43, down 7.1% today and down 28% over 12 months.
Morgans maintained its hold rating on the ASX 200 consumer discretionary share after reading the FY26 report.
The broker increased its 12-month share price target from $12.30 to $15.20.
This suggests a potential 13% upside ahead.
Morgans said:
SUL delivered a better-than-expected FY26 result, as rebel World Cup tailwinds (+70% volume growth vs last WC), a resilient SCA through June and a lower tax rate (~26%) beat consensus normalised NPAT expectations by ~11%.
Gross margins remained stable at the group level (+10bps yoy) and trading through FY27 is mixed (SCA leading; BCF/rebel muted; and Macpac underperforming), with group LFL growth of +1.5% through the first seven weeks.
A positive update, driven by outperformance from SUL’s core SCA/rebel brands, while BCF is continuing to progress on strategic initiatives (store format/fitment), delivering +5.5% total sales growth and cycling easing comps in the near-term.
Despite a solid start to FY27, we view the valuation (~14x PE) as reasonable relative to near-term growth expectations.
The APA share price is $10.55, up 3.5% today and up 19% over 12 months.
Morgans kept its trim rating on this ASX 200 utilities share in place after reviewing the FY26 results.
The broker has a 12-month share price target of $8.66.
This implies a potential 16% downside ahead.
Morgans explained its sell rating on APA shares:
Operating earnings growth driven by inflation, new assets and cost-out.
Long-term capital management means earnings growth does not convert into DPS growth.
Forecast EBITDA upgrades from cost-outperformance.
APA has an attractive cash yield of 5.9% at current prices on FY27 DPS guidance, but share price downside risk is material.
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