Macquarie raises PT for Magellan Financial on qtrly net outflows reduction

Magellan Financial

08/10/2024 24:38

** Macquarie raises Magellan Financial's  MFG.AX  price
target and earnings estimates on a slight reduction in qtrly net
outflows
    ** Brokerage ups PT for the Australian asset manager to
A$9.50 from A$9.45
    ** MFG shares currently down 1.2% at A$10.12
    ** Macquarie says MFG's retail outflows in September appear
to have returned to their previous run-rate of A$200 mln/month.
    ** "MFG's key strategies are yet to deliver sustained
relative outperformance after several difficult years" —
Macquarie
    ** Brokerage raises MFG's FY25, FY26 EPS estimates by 0.7%,
and 1.2%, respectively
    ** MFG stock up 10% YTD
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))