Morgan Stanley cuts PT for Australia's HMC Capital, shares fall

HMC Capital

02/04/2025 01:25

Updates with share moves

** Shares of Australia's HMC Capital HMC.AX falls as much as 2.3% to A$5.87, lowest level since late January 2024

** Stock set for ninth straight session of losses, if trend holds

 ** Morgan Stanley analysts cut PT to A$7.35 from A$12.21, reflecting more conservative assumptions about assets under management growth; keeps "equal-weight" rating

** New PT represents an upside of  22.3% to stock's last close

** Lowers FY25 earnings per share estimate for diversified asset manager by 12% on co reducing FY25 pre-tax EPS position to 70 Australian cents

** Five of nine analysts rate the stock "buy" or higher, three "hold" and one "sell" or lower; their median PT is A$10.70 - data compiled by LSEG data

** Stock has declined over 39% so far this year

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.Kumar@thomsonreuters.com;))