Buy, hold, sell: Northern Star, Temple & Webster, and Westpac shares

Looking to make some post-results investments? Well, let’s see what analysts at Morgans are saying about three ASX 200 shares following the release of their updates.

Does the broker rate them as buys, holds, or sells? Let’s find out:

Northern Star Resources Ltd (ASX: NST)

Morgans thinks this gold miner’s shares are fully valued now. In response to its half-year results, the broker has downgraded Northern Star shares to a hold rating with a reduced price target of $30.50.

The broker saw positives from the result, but delays with the Hemi operation overshadowed them. However, it concedes that it had been expecting this to be the case. It said:

NST reported its 1H26 result with no major earnings surprises, with key revisions to production, costs and guidance well flagged ahead of the print. The half yearly fully franked dividend of 25cps was a clear beat (+20%/+26% vs MorgansF/consensus). Key positive: The half year dividend of 25cps exceeded expectations but remained within the stated 20-30% cash-earnings payout range, landing toward the upper end rather than the lower end that MorgansF and consensus had forecast given the softer operating half.

Key negative: The development timeline to first gold at the second major growth project, Hemi, has been officially pushed to FY30. While negative at face value, this timing was already reflected in MorgansF and the majority of consensus forecasts.

Temple & Webster Group Ltd (ASX: TPW)

Bell Potter remains positive on this online furniture and homewares retailer despite a softer than expected half-year result. It has retained its buy rating with a reduced price target of $13.00.

The broker continues to believe that Temple & Webster shares are well-positioned to outperform over the long term as the company grows its market share. It explains:

Our PT decreases by 33% to A$13.00 (prev. A$19.50). Along with our earnings revisions, we reduce our target multiples by ~30% to ~20x EV/EBITDA (prev. ~27x) on FY27e EBITDA and ~2x EV/Sales (prev. ~3x) on FY27e Sales (25:75 blend). Our views are unchanged of TPW’s ability to outperform over the long term as market share capture in an expanded TAM is expedited with range, pricing/scale advantages, AI/data capability backed by a strong balance sheet (~$160m cash).

Westpac Banking Corp (ASX: WBC)

Morgans was relatively pleased with this big four bank’s quarterly update. However, it is only enough for the broker to upgrade Westpac shares to a trim rating (between sell and hold) with a price target of $35.12.

Commenting on the bank, Morgans said:

A largely stable 1Q26 result compared to the 2H25 quarterly average (normalised for 2H25’s restructuring charge), which is better than 1H26 expectations. We are assuming a more bullish loan growth and impairments outlook than previously (and slightly more conservative costs). There is no change to FY26F EPS but there are 5-8% upgrades to FY27-28F. Target price lifts to $35.12/sh. We upgrade to TRIM given the improved, but still negative, potential TSR.

The post Buy, hold, sell: Northern Star, Temple & Webster, and Westpac shares appeared first on The Motley Fool Australia.

More reading

• Should you buy Northern Star shares today?
• The ASX growth shares I’d buy after the tech meltdown
• 5 things to watch on the ASX 200 on Monday
• Utilities outperform as ASX 200 ascends to a 3-month high
• Here’s an ASX 200 share that I think could beat Westpac in 2026

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