Macquarie downgrades Australia's Netwealth to 'neutral', cuts PT

Netwealth

14/07/2023 01:23

** Analysts at Macquarie cut price target on Australia's
Netwealth Group  NWL.AX  to A$14.40 per share from A$15 
    ** Says the financial services provider will face headwinds
from increased gross outflows and lower cash part of funds under
administration in the near term
    ** Brokerage downgrades stock to "neutral" on valuation
grounds post recent market outperformance
    ** Six of 14 analysts rate the stock "buy" or higher, six
"hold" and two "sell"; their median PT is A$14.00 – Refinitiv
data
    ** Stock up 19.5% this year, as of last close

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