Australia's Regal Partners rises; Bell Potter ups PT on Merricks buy

InvestSMART

11/06/2024 06:03

** Shares of Regal Partners  RPL.AX  rise as much as 3.4% to
A$3.68, their highest since Feb. 13, 2023
    ** Analysts at Bell Potter raise their price target on
investment manager to A$4.75 from A$4.03
    ** Earlier this month, RPL announced it was buying smaller
fund manager Merricks Capital for A$235 mln ($155.01 mln)
    ** "The acquisition of Merricks will add to FUM, is
enhancing to EPS, and does not create an immediate overhang of
stock" - Bell Potter
    ** Brokerage sees RPL shares to rise further as investors
note potential upside from net flows and new fund launches
    ** Stock up 33.8% YTD, based on last close




($1 = 1.5161 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))