Australia's AMP falls, Jarden cuts PT after Q3 update
BUZZ-Australia's AMP falls, Jarden cuts PT after Q3 update Updates
** Shares of Australian wealth manager AMP AMP.AX fall as much as 3.5% to A$2.315
** Jarden cuts PT by 1.9% to A$2.55
** Lowers EPS estimate by 2.5% for FY26, 1.8% for FY27, and 2% for FY28 due to slower loan growth
** But says AMP could grow with its platforms business
** Jefferies raises price target to A$2.80 from A$2.77, maintains "buy" rating following co's Q3 update
** Jefferies says FY26 YTD platform net cash flows A$4.5 billion ($3.11 billion), up 29%
** Morningstar raises fair value estimate by 17% to A$1.75, citing improved business quality, stabilising wealth business
** Morningstar says co's wealth-management business is turning around in both volumes and earnings
** Says AMP's margin pressure could ease over time as it diversifies its funding mix, among other operations
** Stock up more than 31% YTD
($1 = 1.4457 Australian dollars)
(Reporting by Paridhi Minda & Aamir Sheik Khalid in Bengaluru)
((Paridhi.minda@thomsonreuters.com, Aamir.SheikKhalid@thomsonreuters.com))