2 ASX 200 stocks Morgans rates as a buy right now 

While the S&P/ASX 200 Index (ASX: XJO) stalled on Monday, two ASX 200 stocks got off to a great start to the week. 

ResMed Inc (ASX: RMD) climbed over 4%, while Monadelphous Group Ltd (ASX: MND) rose just over 2%. 

Coinciding with their strong performance, the team at Morgans placed fresh buy recommendations on both ASX 200 companies. 

Here's what the broker had to say. 

ResMed Inc (ASX: RMD)

ResMed shares have fallen 30% over the last year; however, Morgans is confident the ASX 200 healthcare stock can recover. 

The company released Q4 results last week, which prompted fresh guidance from the broker. 

4Q26 was broadly in line, with another quarter of double-digit EPS growth, gross margin expansion and strong cash generation. FY27 guidance was introduced for the first time and, while appearing soft at the headline level, incorporates several portfolio changes and one-offs, with the underlying business driving c5-7% revenue and c12-14% EPS growth. 

Management reiterated confidence in the underlying sleep market, ongoing margin expansion and capital returns, while continuing to see no evidence that GLP-1 therapies are impacting patient demand. We make modest adjustments to FY27-28 forecasts to reflect updated guidance and portfolio changes, with our target moving to A$39.50. BUY.

From current levels, this updated target indicates 31% upside. 

Monadelphous Group Ltd (ASX: MND)

Monadelphous Group shares have jumped over the last week after securing big contract wins.

It is an engineering company providing construction, maintenance, and industrial services to the mining, energy, and infrastructure sectors.

Recently, the company won a construction contract for BHP's Port Debottlenecking Project 2.

It also secured a $165m contract with Rio Tinto Ltd (ASX: RIO).

The team at Morgans have subsequently increased their price target on the ASX 200 stock. 

We downgraded MND to Hold at 1H26 in February on fears it was reaching for growth in FY27 and that the November 1H27 revenue guide could underwhelm. That is now reflected in consensus and, with order book support in E&C and possibly heavy turnaround activity in Maintenance, risk is skewed to the upside. 

Nevertheless, a subdued 1H27 guide should be looked through given conservative full-year expectations (VA FY27 EBITDA +3% YoY), recent contract wins and the strength of the capex cycle. We leave FY26 unchanged, lift FY27 EBITDA +7%, and upgrade to BUY with a target price of $35.80 (from $33.85). This represents 25x FY27 PE, justified in our view given FY27 will not be the peak earnings year.

From yesterday's closing price, this updated target indicates upside of almost 17%. 

The post 2 ASX 200 stocks Morgans rates as a buy right now  appeared first on The Motley Fool Australia.

Motley Fool contributor Aaron Bell 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 ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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