Australia's Magellan Financial dips as Jarden downgrades rating, PT

Magellan Financial

31/01/2025 03:17

** Shares of Magellan Financial Group  MFG.AX  fall 8.6% to
A$10.39, top loser on benchmark  .AXJO 
    ** Jarden downgrades stock to "underweight" from "neutral";
lowers PT to A$9.35 from A$10.25
    ** Brokerage forecasts 30% drop in infrastructure funds
under management (FUM) over the next few years, citing previous
FUM collapses and underperformance of infrastructure funds
    ** Adds, exit of Gerald Stack, founder of co's
infrastructure head, is seen as a significant risk factor
    ** Stock fell as much as 9.8% earlier in the day, marking
its worst intraday drop since early October 2023
    ** 7 of 9 analysts rate the stock "hold" and 2 "sell"; their
median PT is A$10.25 – data compiled by LSEG 
    ** Stock gained 19.8% last year 

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))