Buy, hold, sell: Bega Cheese, Kogan, Macquarie shares

S&P/ASX 200 Index (ASX: XJO) shares are down 0.3% to 8,608.1 points on Thursday.

Meanwhile, three experts give us their views on three ASX 200 shares.

Let’s check them out.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is $5.22, up 0.1% today and down 14% in the year to date (YTD).

Pac Partners has a buy rating on this ASX consumer staples share with a 12-month price target of $7.50.

This implies potential upside of 44% ahead.

In a new note, the broker said:

Bega Group Limited (ASX:BGA) is a great Australian food company with a scalable platform of #1 and #2 “better for you” dairy and spread brands.

We rate BGA a Buy for its high 21% average EPS growth to FY’29F with  FY’27F EV/EBITDA multiple of 9.9x at our Price Target of $7.50/share.

The ASX200 trades at a similar multiple with EPS growth of just 5-10%.

Pac Partners expects Bega Cheese to deliver at the high end of its FY26 earnings guidance due to its “earnings resilience in the short term” amid the current global oil shock, and the impact of $110 million spent on high-margin internal growth projects.

Pac Partners said:

Despite higher fuel and fertiliser costs, BGA has maintained 32-38% EPS growth guidance for FY’26F.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is $242.70, up 2.5% today and up 19% YTD.

This week, Morgans maintained its hold rating on the ASX bank share and increased its price target from $223 to $248.

This implies limited share price growth over the next 12 months.

Morgans said:

MQG delivered a very strong FY26 result with NPAT (A$4.8bn) up +30% on the pcp and +8% above company-compiled consensus.

Whilst acknowledging this result was aided by significant volatility in commodity markets that assisted CGM, MQG’s performance was generally strong across the board.

MQG is a quality franchise, and a proven performer, but with <10% upside to our PT, we maintain our Hold call.

Kogan.com (ASX: KGN)

The Kogan share price is $3.43, down 3.4% today and down 8% YTD.

On The Bull, Nathan Lodge from Securities Vault explained his sell rating on the ASX consumer discretionary share.

Lodge said:

The online retailer benefited from pandemic-era demand. Kogan Group statutory revenue was up 5.5 per cent in the first half of 2026 when compared to the prior corresponding period. However, group statutory net profit after tax was down 20.2 per cent.

The company operates in a highly competitive, low-margin retail segment with limited differentiation. Inventory management and discounting cycles have also weighed on profitability in recent periods.

Consumer spending remains under pressure in a high interest rate environment. In our view, the market is unlikely to assign premium multiples given the lack of durable competitive advantages.

The post Buy, hold, sell: Bega Cheese, Kogan, Macquarie shares appeared first on The Motley Fool Australia.

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