Jefferies, Morningstar positive on AMP after Q3 update

Morningstar

15/10/2026 21:15

** Jefferies raises its price target on AMP AMP.AX to A$2.80 from A$2.77 and maintains a "buy" rating following the company's third-quarter update
** Brokerage says platform net cash flows rose 20% YoY, while AMP's New Zealand Wealth Management business delivered its strongest quarter since 2023
** Jefferies says FY26 YTD platform net cash flows of A$4.5 billion ($3.11 billion) are up 29%, putting AMP on track to exceed FY25's A$5.1 bln result
** Morningstar also raises its fair value estimate by 17% to A$1.75 a share, citing improved business quality and a stabilising wealth business
** Investment research firm says co's wealth-management business is turning around in both volumes and earnings, though not as strongly as the market assumes
** Adds AMP's margin pressure could ease over time as the bank diversifies its funding mix, sources more lower-cost deposits and prioritises profitability over aggressive loan growth
** YTD, stock up 32.6%, as of last close

($1 = 1.4457 Australian dollars)

 (Reporting by Paridhi Minda in Bengaluru)
 ((Paridhi.minda@thomsonreuters.com))