Morgans' Top Large-Cap Picks for November 2025
Morgans has identified the large-cap stocks that are expected to offer the best risk-adjusted returns and more upside over the next 12 months.
The growth is broadly spread across sectors, indicating healthier profitability across the market. However, valuations remain a challenge, limiting multiple expansion rather than signalling downside price risk.
Investors need to be cautious of concentration risk and ongoing macroeconomic uncertainty, which will lead to significant stock divergence.
- Aristocrat has been added to the large-cap Best Ideas list.
- Treasury Wine Estates, WiseTech, and Light & Wonder have been removed from the list.
Although continued challenges in the Seqirus division may unsettle investors, we see the Behring growth engine intact, with cost savings reinforcing the path to sustained growth.
Autor's resume: Morgans names top large-cap picks.