Citi cuts PT on Australia's Perpetual on uncertainty over units' sale proceeds

Perpetual

08/05/2024 21:27

** Citi trims target price on asset manager Perpetual Ltd
 PPT.AX  to A$23.25 from A$25.95
    ** Cites "uncertainty" regarding the amount of proceeds that
co would receive after it sells its corporate and wealth units
to KKR  KKR.N  
    ** The market is otherwise in the dark about other
outgoings, making it hard to know how much PPT shareholders will
receive on Feb 2025 completion, also making it difficult to
assess the deal with any certainty - brokerage
    ** Retains a 'neutral' rating for stock
    ** 5 of 8 analysts rate the stock "buy", 3 "hold"; their
median PT is A$26.33 – LSEG data
    ** Stock has fallen 12.40% this year, as of last close

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))