Buy, hold, sell: BHP, SEEK, and Treasury Wine shares

The team at Morgans has been working overtime looking at the countless results releases this week.

Let’s see what the broker thinks of three very big results and whether it thinks these ASX 200 shares are now buys, holds, or sells. Here’s what you need to know:

BHP Group Ltd (ASX: BHP)

Morgans was impressed with BHP’s performance during the first half, noting that its copper business drove the strong result. But its main positive was the announcement of a silver stream for the Antamina operation.

However, due to its current valuation, the broker has held firm with its hold rating on BHP’s shares. It said:

A strong copper-driven 1H26 result, but the highlight was a savvy deal monetising Antamina’s silver stream for value equal to consensus valuation of the entire asset. Earnings quality continues to step forward, maintaining robust operational and cost performances across the portfolio. Injecting >US$6bn cash in H2 more than offsets Jansen. Maintain HOLD rating.

Seek Ltd (ASX: SEK)

This job listings company’s half-year result was in line with expectations. And while the broker has AI disruption concerns, it believes the risk-reward is favourable at current levels and has upgraded Seek shares to a buy rating with a $27.50 price target. It said:

SEK’s 1H26 result was largely as per expectations with net revenue (+12% on pcp), Adjusted EBITDA (+19% on pcp) and adjusted NPAT (+35% on pcp) all broadly in line with Visible Alpha consensus and MorgansF. We make only marginal adjustments to our forecasts taking into account the updated guidance.

Whilst our DCF-derived price target remains unchanged at A$27.50 the recent sharp share price pullback now results in ~70% TSR upside. We move to a Buy recommendation accordingly, though SEK has still many questions to answer on the AI threat.

Treasury Wine Estates Ltd (ASX: TWE)

Wine giant Treasury Wine delivered a result that was in line with expectations but weak overall.

The broker isn’t sure that 2027 will be much better and expects a return to growth in 2028. In light of this, it continues to rate the company’s shares as a hold. It said:

TWE’s 1H26 result was weak but was broadly in line with guidance. Leverage was well above the company’s target range. Consequently, and in line with our expectations, the Board did not declare an interim dividend. TWE reiterated that 2H26 EBITS is expected to be higher than the 1H26. It is too early to call whether TWE can grow earnings in FY27.

We think this will not occur until FY28 given the priority to reduce customer inventory in the US and China. It will take time for new management to deliver more acceptable returns and for TWE to rebuild credibility with the market. We maintain a HOLD rating.

The post Buy, hold, sell: BHP, SEEK, and Treasury Wine shares appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• Are Seek shares a buy after its FY26 half-year results?
• After a 46% dividend hike, are BHP shares a buy for income?
• What’s next for the BHP share price?
• These 2 ASX 200 stocks crashed yesterday – should investors swoop in?

Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. 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.