Macquarie’s result was largely in line with consensus and relatively clean and solid, the broker suggests. The Group is tracking well against FY guidance of “slightly lower” but is cycling a very strong second half last year, Morgans notes.
The broker has ticked up FY20-21 earnings forecasts and a roll-forward of valuation sees its target rise to $140.40 from $132.20. Relatively inexpensive, so Add retained.
Sector: Diversified Financials.
Target price is $140.40.Current Price is $134.38. Difference: $6.02 – (brackets indicate current price is over target). If MQG meets the Morgans target it will return approximately 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).
