Morgans, a leading investment firm, has recently evaluated several ASX 200 shares following their latest financial results. This assessment focuses on three prominent companies: Goodman Group, Hub24, and Telstra Group. Each company received distinct recommendations based on their performance and market outlook.
Goodman Group’s Valuation Amid Market Uncertainty
Goodman Group (ASX: GMG) has seen its shares decline after announcing its half-year results. Investors expressed disappointment due to the absence of an earnings guidance upgrade, raising concerns about the potential for any such updates in the current year. In light of these challenges, Morgans identifies value in Goodman’s shares at their current price point, assigning an accumulate rating and setting a price target of A$36.05.
Morgans highlighted that Goodman is significantly investing in data centre development across limited, power-enabled metropolitan areas, supported by long-term capital partners and a cautious balance sheet. The guidance for FY26 remains unchanged, while near-term results reflect extended development timelines and an increased portion of developments financed by Goodman’s balance sheet.
The firm emphasized the need for Goodman to convert ongoing customer negotiations into firm commitments across key data centre sites while maintaining returns. Despite the extended timelines for development, the recent decline in share price indicates market impatience regarding uncertainties surrounding hyperscale demand and investor interest. Morgans maintains its valuation of A$36.05 per share and reiterates its accumulate recommendation.
Hub24 Achieves Strong Half-Year Results
In contrast, Hub24 Ltd (ASX: HUB) has impressed Morgans with its latest half-year performance. The company surpassed expectations, achieving a significant increase in platform revenue growth. As a result, Morgans has upgraded Hub24 shares to an accumulate rating, revising its price target to A$112.40.
Morgans reported that Hub24’s first half of FY26 (1H26) yielded an underlying EBITDA of A$104.9 million, reflecting a 35% increase compared to the previous corresponding period. Additionally, underlying net profit after tax (NPAT) rose 60% to A$68.3 million. The growth was driven by a robust 29.5% year-on-year increase in platform revenue, resulting in improved EBITDA margins.
The firm adjusted Hub24’s FY27 funds under administration (FUA) targets upwards by approximately 6.5%, aligning more closely with consensus expectations. This update prompted a boost in EPS forecasts for FY26 to FY28, leading to a higher price target of A$112.40 and an accumulate rating.
Telstra Maintains Steady Performance
Telstra Group Ltd (ASX: TLS) has also reported results that exceeded expectations, although its guidance for the full year remains largely unchanged. Following this release, Morgans has retained its hold rating while increasing its price target to A$5.20.
The firm noted that Telstra’s 1H26 results were slightly better than anticipated, with particularly strong performance in its mobile sector and solid cash flow. The interim dividend was also above market expectations, being partially franked at 90.5%. Morgans’ updated price target reflects this positive performance and the company’s consistent outlook.
Investors considering these shares should evaluate their individual positions carefully. Morgans’ assessments of Goodman Group, Hub24, and Telstra Group provide insights into the current market landscape and potential investment opportunities.
