The team at Ord Minnett has been busy running the rule over a number of ASX 200 shares.
Two that have been given accumulate ratings and price targets offering plenty of upside are named below. Here's what you need to know:
Tabcorp Holdings Ltd (ASX: TAH)
Ord Minnett was pleased with this gambling company's half-year results, highlighting that its EBITDA was "comfortably ahead of market and Ord Minnett expectations."
It notes that this was spurred by "strong revenue growth and lower-than-forecast operating costs that drove wider earnings margins than anticipated."
In response, the broker has put an accumulate rating and $1.17 price target on its shares. Based on its current share price, this implies potential upside of approximately 22%.
Commenting on the ASX 200 share, the broker said:
The tight rein on costs positions has provided Tabcorp with plenty of operational leverage, and we now model a 3% increase in EBITDA for every 1% increase in wagering revenue. Post the result, we have cut our EPS estimates by 3.6%, 6.3% and 8.2% for FY26, FY27 and FY28, respectively.
We highlight the scale of these changes are exaggerated by the law of small numbers, with our forecasts still implying a compound annual growth rate (CAGR) in EPS of more than 20% over the forecast horizon. We raise our target price on Tabcorp to $1.17 from $1.02, while we trim our recommendation to Accumulate from Buy on valuation grounds.
Woolworths Group Ltd (ASX: WOW)
Another ASX 200 share that Ord Minnett has been looking at is supermarket giant Woolworths.
Like Tabcorp, it delivered a result that was stronger than expected during the first half. It notes that Woolworths' "earnings and an interim dividend [were] ahead of Ord Minnett and market expectations and lifted guidance for full-year earnings growth from its dominant Australian food business."
Ord Minnett responded by putting an accumulate rating and $39.00 price target on its shares. Based on the current Woolworths share price, this implies potential upside of 10% for investors over the next 12 months.
The broker commented:
Group cost control over the period impressed – growth in operating expenses was just 2% in the half, down from the mid-to-high single-digit rates seen in recent years. Post the result, we have raised our EPS estimates by 6.3%, 5.1% and 6.1% for FY26, FY27 and FY28, respectively, to incorporate actuals and our view that Woolworths will maintain its market share versus arch-rival Coles (COL), which has made the running for several years now. This outlook leads us to raise our target price on Woolworths to $39.00 from $33.00, although valuation means we trim our recommendation to Accumulate from Buy.
The post Ord Minnett names 2 ASX 200 shares to accumulate with 10% and 20% upside appeared first on The Motley Fool Australia.
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