Australia's Challenger slips as Jefferies cuts PT

Challenger

05/07/2024 03:04

** Shares of Australia's Challenger  CGF.AX  fall as much as
about 1% to A$6.81 
    ** Analysts at Jefferies lower price target on the
investment management firm to A$7.85 from A$7.99
    ** Brokerage sees pre-tax adjustment for co's life property
portfolio of around A$185 mln ($124.58 mln), in line with other
property developers
    ** Company's pre-tax return-on-equity target poses a
challenge in face of rapidly rising cash rates
    ** Stock has risen 5.9% this year as of last close 


($1 = 1.4850 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))