BTT - Macquarie rates the stock as Outperform
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BT saw 3.1% funds inflows in June for 9.4% year on year, exceeding Macquarie's 5% plus performance benchmark. The manager's new strategies are approaching a three-year track record and funds are attracting new flows and generating performance fees.
BT's share price is nevertheless down -16% since the May numbers with the index down only -3%, making the fund manager attractively priced in Macquarie's view. Upgrade to Outperform. Target rises to $12.05 from $11.70.
Sector: Diversified Financials.
Target price is $12.05.Current Price is $10.73. Difference: $1.32 - (brackets indicate current price is over target). If BTT meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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