Australia's Perpetual slips as Morgan Stanley lowers PT on higher expense outlook

Perpetual

03/09/2024 03:20

** Shares of Australia's Perpetual Ltd  PPT.AX  fall as much as
1.5% to A$19.3
    ** Analysts at Morgan Stanley lower price target on the
asset manager to A$20.6 from A$22.4, citing co's higher cost
outlook 
    ** Brokerage awaits new CEO's strategy; maintains
"equal-weight" rating on stock
    ** Brokerage trims FY25-FY26 underlying EPS estimates by
8-9%, mostly on higher operating costs
    ** Says more certainty on the net sale proceeds of Trust &
Wealth business provides brokerage with greater confidence in
the valuation of the Investments division
    ** Six of 10 analysts rate the stock "buy" or higher and
four "hold"; their median PT is A$22.80 – LSEG data
    ** Stock has fallen 23.1% this year, as of last close
     

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