Morningstar cuts Magellan Financial's fair value estimate on weaker outlook
22/10/2026 23:38
BUZZ-Morningstar cuts Magellan Financial's fair value estimate on weaker outlook ** Morningstar cuts its fair value estimate on Magellan Financial Group MFG.AX to A$8 from A$8.50 after a trading update showed weaker financial markets revenue and lower funds under management
** Reduces medium-term revenue forecasts, citing continued fund management outflows and a weaker outlook for financial markets revenue
** Says shareholders have approved the company's rebranding to Barrenjoey Group to reflect its increasing focus on investment banking
** Research firm expects investment banking to contribute more than 80% of revenue by FY2031, up from about 70% in FY2026
** YTD, stock down 22.9%, as of last close
(Reporting by Paridhi Minda in Bengaluru)
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