Citi sets 'sell' rating on Australia's Platinum Asset Management

L1

29/02/2024 19:55

** Citi sets "sell" rating on Platinum Asset Management
 PTM.AX  with a target price of A$1.0
    ** PTM ended flat on Thursday
    ** Brokerage says while previously released funds under
management continue to decline, improvement in margins and lower
expenses are likely to be received well by the market
    ** However, performance remains underwhelming and net
outflows are likely to continue - Citi 
    ** Citi expects the announcement of the new broad-based
turnaround program is likely to buoy spirits of a return to
better times for Platinum
    ** The brokerage anticipates any revitalisation of the
company to take longer than a year
    ** Nine of 10 analysts rate the stock "sell" or lower, one
"hold"; their median PT is A$1.0 – LSEG data
    ** Stock down ~23% YTD

    

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))