S&P/ASX 200 Index (ASX: XJO) shares are down 0.8% to 9,072.8 points on Friday.
On The Bull, John Athanasiou from Red Leaf Securities explains his latest ratings on three ASX 200 shares.
Let's see what he has to say.
Resmed CDI (ASX: RMD)
The Resmed share price is $34.99, down 1.5% today and down 9% over 12 months.
Resmed's respiratory devices are market leaders for the treatment of sleep apnoea.
The sleep apnoea market worldwide is huge, but in recent years investors have been concerned that GLP-1 obesity and diabetes medicines like Ozempic would reduce that market given sleep apnoea is common in patients with obesity.
The height of that concern was seen in late 2023 when the Resmed share price fell to the early $20-range. Resmed did a lot of in-house research to establish how big the GLP-1 threat was and found that the new drugs were actually helping to drive new sales.
Resmed shares have not been back in the low-$20 range since that time, and today, Athanasiou gives the healthcare share a buy rating.
He explained:
First quarter revenue of $US1.4 billion in full year 2027 increased 6 per cent on the prior corresponding period. Adjusted earnings per share of $US2.91 was up 14 per cent.
Recurring mask and accessory sales support the investment case. We favour its market position and product innovation, although competition and currency movements remain risks.
Goodman Group (ASX: GMG)
The Goodman Group share price is $28.90, down 1.9% today and down 3% over 12 months.
Goodman is a global industrial property investment and development group.
It was an 'early adopter', so to speak, of data centre development as the AI boom began to show itself a few years back.
Athanasiou says Goodman Group's scarce urban locations, secure power, and investment partnerships position it well for continuing data centre demand.
Currently, he gives Goodman Group shares a hold rating, and commented:
Operating earnings per security of $1.299 in full year 2026 increased 10.1 per cent on the prior corresponding period. Management is targeting operating earnings per share growth of 9 per cent in full year 2027.
We favour retaining exposure, while monitoring development completions and investment returns. Converting its substantial development pipeline into sustainable earnings remains the key measure of progress.
Commonwealth Bank of Australia (ASX: CBA)
Commonwealth Bank shares are $169.84, down 1.1% today and up 6% over 12 months.
Athanasiou describes the valuation of CBA shares as 'demanding' with little room for disappointment.
And disappointment could be on the horizon in terms of residential lending growth given the national property market downturn.
Five interest rate rises this year are an obvious driver behind the downturn.
However, changes to capital gains tax and negative gearing announced in the Federal Budget in May are also playing a role.
Many investors do not fully understand the changes, and lending to new residential investors has fallen substantially since May.
All four of the major banks have reported lower loan applications, and official Bureau of Statistics loan approvals data backs up this trend.
Those five rate hikes also raise the possibility that CBA will see higher loan defaults, although off a very small base.
Put all that together, and Athanasiou reckons this bank share is a sell in today's market.
He said:
CBA remains a high quality banking franchise. It reported a cash net profit after tax of $10.982 billion in full year 2026, up 7 per cent on the prior corresponding period.
The fully franked dividend remains attractive, but we favour reducing exposure and reallocating capital to opportunities offering a greater margin of safety.
The post Buy, hold, sell: Resmed, Goodman Group, CBA shares appeared first on The Motley Fool Australia.
Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group and ResMed. The Motley Fool Australia has positions in and has recommended Goodman Group and ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026