Macquarie lifts earnings forecasts, PT on Australia's money manager Netwealth

Netwealth

29/01/2024 22:39

** Analysts at Macquarie raise price target on Australia's
Netwealth Group  NWL.AX  to A$14.80 from A$14.20
    ** Increases EPS estimates on the small cap money manager by
1.1% and 2.6% for FY24 and FY25
    ** Co posted custodial net inflows of A$2.6 billion ($1.72
billion) for the quarter, ahead of Macquarie's expectations
    ** Brokerage says gross outflow pressures continued to ease
on co during quarter
    ** However, downgrades stock to "underperform" as co has a
consistent track record of beating on flows and missing on
margins
    ** Stock gained 27.3% in 2023

($1 = 1.5131 Australian dollars)

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