Three ASX 200 companies Macquarie says are a buy right now

When it comes to picking stocks that might have some serious upside, it pays to ask the professionals.

I’ve had a look through the broker reports that came out this week and have selected three ASX 200 companies that the analyst team at Macquarie thinks will do well going forward. 

Let’s see what they’re saying.

Santos Ltd (ASX: STO)

This oil and gas major recently announced it had hit continuous production at its Pikka oil project in Alaska, which was a major milestone for the company. 

The project is now producing about 20,000 barrels of oil per day, which will ramp up to 80,000 during the third quarter of 2026.

Santos Managing Director Kevin Gallagher said regarding the project:

Pikka is a high-quality, low-cost oil development with strong economics and long reserves life benefiting not only Santos and its joint venture partner Repsol, but also key stakeholders, including the State of Alaska and Alaska Native Corporations. The project is set to generate robust cash flows and support strong shareholder returns over the coming years.

Macquarie said in this week’s note to clients that Santos had “solid sequential growth” in its second-quarter production. 

They added:

Currently, we view STO as tracking to the lower end of its CY26 guidance range, due to the longer asset commissioning/ramp times than expected when the guide was set.

They also added that due to relative share price weakness, Santos may yet again be in the sights of acquirers.

Macquarie has a price target of $9 on Santos shares compared to $7.07 at the time of writing.  

Pexa Ltd (ASX: PXA)

Shares in this property settlements technology company are down about 16% over a 12-month period, but the Macquarie team believes there is significant upside.

Macquarie said property settlements in New South Wales improved by 3.1% in June compared with the previous corresponding period, after a weak May.

Macquarie boosted its price target on the company to $19.30 from $19.05, compared with $10.87 at the time of writing.

The broker added, “formal commitment from additional Tier-1 lenders is likely to incentivise the other Tier-1 lenders to onboard with PXA quickly, driving rapid market share gains”.  

Aristocrat Leisure Ltd (ASX: ALL)

A recent investor day from this company “illustrated Aristocrat’s dominant cross-channel position, and enterprise-wide approach to game development, which improves commercialisation of its market leading content”.

Macquarie said it saw market-share opportunities for Aristocrat in land-based gaming, but was more wary of the company’s Product Madness mobile gaming division. 

The broker said Aristocrat was well-placed to deliver 10% to 15% earnings per share growth.

They also said the company would benefit from AI, with the benefits including “creativity enhancements, improved velocity to market, and advancing data analytics”.

Macquarie has a price target of $65 on Aristocrat shares compared to $61.38 at the time of writing.  

The post Three ASX 200 companies Macquarie says are a buy right now appeared first on The Motley Fool Australia.

More reading

• PEXA Group responds to IPART draft service fee review
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Thursday
• Why ASX 200 energy stocks like Woodside and Santos shares got smashed in June
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Cameron England 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 Macquarie Group and PEXA Group. The Motley Fool Australia has positions in and has recommended PEXA Group. The Motley Fool Australia has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.