Buy, hold, sell: Pro Medicus, Worley, and ResMed shares

The team at Morgans has been running the rule over a number of ASX shares this week.

Let's see if it is bullish, bearish, or something in between. Here's what the broker is saying:

Pro Medicus Ltd (ASX: PME)

Morgans remains positive on this medical imaging technology company after reviewing its financial model. This week, the broker has reaffirmed its accumulate rating and $230.00 price target on Pro Medicus shares. It said:

We have identified an error in the previously published financial summary tables, where a number of figures did not pull through correctly from our underlying model. The error was presentational only. The underlying financial model is unchanged, with no impact on any forecast, assumption or valuation input. No change to our ACCUMULATE rating or A$230.00 DCF-based target price.

ResMed Inc. (ASX: RMD)

The broker has been looking at ResMed's decision to sell one of its software businesses. Morgans supports the decision and believes ResMed remains well-placed for growth through to FY 2028.

In response, it has retained its buy rating with a $40.97 price target. It explains:

MatrixCare will be divested for US$490m cash (c9x earnings), crystallising a disappointing financial outcome (paid US$750m (25x) in 2018) for a business that expanded software capabilities but delivered modest earnings growth. Strategically, however, we believe the transaction makes sense, as it simplifies the portfolio and retains Brightree and MEDIFOX DAN, while exiting a lower-growth, non-core software business. Importantly, net proceeds will largely be returned to shareholders via an accelerated share repurchase (ASR), which should substantially offset earnings dilution from both the MatrixCare disposal and the recently completed Noctrix acquisition, while FY26 guidance has been reaffirmed. We make modest adjustments to FY26-28 forecasts, with our target price moving to A$40.97 (from A$41.72). BUY.

Worley Ltd (ASX: WOR)

Morgans isn't feeling as positive on this engineering company. It thinks investors should probably keep their powder dry for the time being due to challenging trading conditions. As a result, it has put a hold rating and $10.80 price target on its shares. It said:

The late June trading update lifted the FY26 Middle East impost to $60m EBITA (from $30-40m) and quantified the 2H FX impact as $50m. Medium term, WOR should see some earnings support from Middle East repair activity and a broader uplift in global upstream hydrocarbon spending driven by renewed energy security concerns. However, consensus already embeds strong growth into FY27 (Visible Alpha EBITA +12% YoY) which is well above industry forecast growth rates. With capex expectations continuing to soften in the key Energy end-market and the order book likely to roll over at the FY26 result, we retain our conservative view. We reduce our EBITA forecasts by 8-9% across our forecast period and cut our target price to $10.80 (from $11.80). HOLD maintained.

The post Buy, hold, sell: Pro Medicus, Worley, and ResMed shares appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in Pro Medicus and ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool Australia has recommended Pro Medicus. 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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