Buy, hold, sell: Electro Optic Systems, Soul Patts, ANZ shares

S&P/ASX 200 Index (ASX: XJO) shares are down 2.3% over 12 months.

High oil prices, sticky inflation, expectations of further interest rate rises, and soaring bond yields have hurt the market this year.

In this climate, ASX shares investors need to be discerning with their investment choices.

Here are some new ratings just published by the experts.

Electro Optic Systems Holdings Ltd (ASX: EOS)

The Electro Optic Systems share price has soared 48% over 12 months. 

Bell Potter has a buy rating on this ASX 200 industrials share. 

Analyst Baxter Kirk said: 

EOS reported its 3Q26 quarterly activity update.

Cash flow: EOS reported cash receipts of $159.1m in 3Q26, up $92.8m on 2Q26 ($66.3m).

Operating cash flow was an outflow of -$57.2m compared to an outflow of $17.6m in 2Q26, reflecting temporary investment in working capital on MARSS contracts and higher supplier payments (which was expected and recovered post quarter-end).

EOS reported a Sept 2026 available cash balance of $133.1m, falling $122.9m since June 2026 ($256.0m) due to working capital investments and $80.0m in cash security deposits for bank guarantees (rebounding to $204.0m as at 23 Oct 2026 following customer collections). We expect export financing for security deposits posted in the quarter to be secured in 4Q26.

Outlook: EOS reaffirmed its CY26e group revenue guidance of $360m-$400m (BPe $379m previously, upgraded to $390m).

At 26x CY27e EBITDA, we see value given upcoming catalysts: $300m Netherlands HELW production deal; ~US$560m UAE HELW JV orders; potential CY27e consensus upgrades due to accelerated MARSS execution.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

Washington H. Soul Pattinson and Co shares are up 21% over 12 months. 

Morgans has a hold rating on Soul Patts shares.

The broker said: 

SOL released its FY26 result in late September, its first full year following the Brickworks merger.

In our view, the portfolio's cash generation held up through a year of significant restructuring, which included A$12.7bn of transactions, the A$1.9bn sale of the industrial property JV interests and a rotation out of listed equities into Fixed Income and private markets.

Credit, Private Companies and Real Assets drove NCFI up 11.5% on pcp to A$572m.

A 63cps fully franked final dividend was declared, taking the FY26 total to 111cps (+7.8%) and extending the record to 28 consecutive years of dividend increases.

Pre-tax NAV was A$13.7bn, a 10.2% return against 6.0% for the ASX200 Total Return Index.

Our price target is increased to A$44 (from A$41.85). With the stock trading around our 12-month price target we maintain our HOLD recommendation.

We remain attracted to the SOL business and its capital allocation strategy and continue to look for attractive entry points.

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is up 9% over 12 months. 

Morgans has a trim rating on this ASX 200 bank share. 

The broker said: 

We make 0-2% changes to FY26-28 forecasts ahead of the FY26 result, largely related to balance sheet growth and loan loss provisioning assumptions.

Target price lifted to $34.44/sh, from $33.53/sh previously.

TRIM retained, given potential TSR at current prices of c.-9%.

ANZ is scheduled to release its FY26 report on 9 November.

The post Buy, hold, sell: Electro Optic Systems, Soul Patts, ANZ shares appeared first on The Motley Fool Australia.

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 Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2026