Buy, hold, sell: James Hardie, CSL, and CBA shares

The team at Morgans has been working overtime looking at the countless results releases this week.

Let's see what the broker thinks of three very big results and whether it thinks these ASX 200 shares are now buys, holds, or sells. Here's what you need to know:

Commonwealth Bank of Australia (ASX: CBA)

Morgans was pleased with this banking giant's performance during the first half, highlighting that its earnings were comfortably ahead of expectations. This has seen the broker upgrade its earnings estimates materially.

And while Morgans has lifted its valuation, it remains bearish on the investment opportunity here. It has put a sell rating and $124.26 price target on CBA shares. It said:

CBA delivered a meaningful beat of 1H26 earnings expectations. We have materially upgraded our EPS forecasts after factoring in continuation of higher loan growth and benign credit loss environments. We expect DPS growth won't match EPS growth as we see approaching CET1 capital tightness. Target price lifted to $124.26. SELL retained, with potential TSR of -24% (including 3% cash yield) at current elevated prices and trading multiples.

CSL Ltd (ASX: CSL)

Morgans was disappointed with this biotech giant's half-year results, which were softer and less clean than it was expecting.

However, it was pleased to see the company reaffirm its guidance despite recent chaos. In light of this and its improving outlook, the broker has retained its buy rating with a lowered price target of $241.34. It said:

1HFY26 result was softer and less clean than expected, with adjusted NPATA declining 7% and revenue modestly below forecasts. The result was further complicated by US$1.1bn in impairment charges, largely relating to Vifor and Seqirus, weighing on statutory earnings and sentiment.

Importantly, FY26 guidance was maintained, despite Behring weakness and heightened scrutiny following the announced CEO transition, suggesting a 2H recovery, pointing to an execution reset, not structural impost, in our view. The outlook looks supported through a combination of cost-outs, marketing initiatives, new product launches and diminishing headwinds, reinforced by the Board's urgency around operational delivery. We adjust FY26-28 forecasts modestly, with our PT decreasing to A$241.34. BUY.

James Hardie Industries plc (ASX: JHX)

Finally, building materials company James Hardie impressed the broker with its third-quarter update. And with the US housing market likely near its trough, Morgans is feeling positive about its medium-term outlook.

In response, the broker has retained its buy rating with an improved price target of $45.75. It said:

JHX delivered a clean Q3 beat with sequential margin improvement, disciplined execution on AZEK integration, and early evidence that volumes in core Siding & Trim (S&T) are stabilising at low levels. While NPAT remains temporarily weighed by amortisation and higher interest, the underlying margin trajectory and synergy capture both point to improving earnings quality into FY27.

With US housing likely near the trough, we see medium-term upside as organic growth returns, synergies compound, and leverage falls toward <2.0x by 3Q28. We retain our BUY rating and lift our valuation to A$45.75/sh.

The post Buy, hold, sell: James Hardie, CSL, and CBA shares appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. The Motley Fool Australia has recommended CSL. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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