Macquarie cuts PT and earnings estimates on Aussie money manager Magellan

Magellan Financial

10/10/2023 01:21

** Analysts at Macquarie lower Price Target on money manager
Magellan Financial Group  MFG.AX  to A$7/share from A$9/share
    ** Says co's recent fall in share-price reflects an
increased risk of further outflows
    ** MFG fell over 17% on Friday to hit a more than decade
low, as its assets under management declined for an eighth
consecutive month 
    ** Cuts EPS estimates on the Aussie fund manager by 7.1% and
10.3% for FY24 and FY25 respectively
    ** MFG currently tracking broader market and is up 3.3%
    ** Stock has fallen 23.3% this year as of last close
    

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))