One ASX 200 giant to buy, one to hold, and one to sell

There are plenty of giants to choose from on the ASX 200 index, but which ones could be buys, holds, or sells?

Let’s take a look at three that analysts have just given their verdicts on, courtesy of The Bull. Here’s what they are saying about them:

ANZ Group Holdings Ltd (ASX: ANZ)

The team at Sanlam Private Wealth thinks that investors should be selling big four bank ANZ.

It notes that the ASX 200 giant’s shares have rebounded strongly since the release of its 2030 strategy. It feels this leaves ANZ’s shares trading at a premium with no guarantee that its strategy will be a success. It said:

Investors responded positively after the bank unveiled its 2030 strategy in late 2025. The shares rose from $32.67 on September 24, 2025 to close at $38.85 on November 12. Given ANZ was the cheapest major bank in the sector with the highest yield, the bounce was understandable. The shares were trading at $36.34 on January 22, 2026.

The 2030 strategy included ceasing the $800 million share buy-back and accelerating delivery of the ANZ Plus digital front end to all retail and business customers. Reducing duplication and simplifying the bank is part of the plan. We believe ANZ is trading at a premium given the early stages of an ambitious strategy. We would be inclined to lock in some profits at these levels.

BHP Group Ltd (ASX: BHP)

One ASX 200 giant that Sanlam Private Wealth is positive on is BHP. It has named the Big Australian as a buy this week.

The private wealth company thinks that BHP is well-placed to benefit from probable US interest rate cuts in 2026. It explains:

The resources upgrade cycle continues to unfold as global growth conditions strengthen into 2026. Expected US interest rate cuts should stimulate global growth and put downward pressure on the US dollar. Commodity markets are already tight in terms of adequate supply, and this is already pushing mining stocks higher. This is a global theme. BHP fits the bill as global investors are drawn to earnings upgrades driving share price gains. Also, investors are exposed to a currency gain if the Australian dollar strengthens during 2026.

Macquarie Group Ltd (ASX: MQG)

Finally, over at Red Leaf Securities, its analysts have put a hold rating on this investment bank’s shares.

It believes Macquarie is lacking any near term catalysts to justify buying its shares at current levels. Instead, Red Leaf thinks investors should wait for a more attractive entry point. It explains:

Macquarie continues to deliver strong diversified earnings across banking, asset management and commodities, but most of its quality is reflected in recent share prices. The balance sheet is robust and capital management is disciplined. But cyclical exposures, particularly in capital markets and commodity-linked divisions, leave limited upside in the near term, in our view.

For existing shareholders, Macquarie remains a high quality core holding, offering attractive dividends and resilient earnings through cycles. However, we can’t immediately identify any catalysts justifying aggressive accumulation. Maintaining positions while awaiting potentially more attractive entry points is the prudent strategy.

The post One ASX 200 giant to buy, one to hold, and one to sell appeared first on The Motley Fool Australia.

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