Jarden hikes PT for Australia's Magellan Financial after FUM beat; shares rise

Magellan Financial

05/07/2024 03:54

** Shares of Magellan Financial  MFG.AX  rise as much as
5.6% to A$9.580, their highest level since April 8 
    ** Asset manager on Thursday posted total funds under
management (FUM) of A$36.6 bln ($24.66 bln) as at June 30, about
1.1% higher than Jarden analyst estimates 
    ** Jarden raises FY24 EPS estimates by 6.9% reflecting
significantly higher performance fees for the year given market
tailwinds
    ** Jarden increases PT to A$9.50 from A$9.20
    ** However, Jarden says path back to more consistent stable
to positive net flows likely to remain challenging
    ** Jarden retains 'neutral' rating given potential for
further outflows
    ** One of nine analysts rate the stock "buy" or higher, four
"hold" and four "sell"; their median PT is A$9.10 - LSEG Data
    ** Stock down 2.3% YTD as of last close 
   


($1 = 1.4843 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))