Earnings upgrades provide scope for further multiple upside, Macquarie suggests. The broker notes flow momentum has improved slightly while, on an underlying basis, adjusted operating income was $269.3m, well ahead of expectations.
Equities were the main drag during the quarter while multi-asset and alternatives provided a positive offset. Outperform maintained. Target rises to $63.50 from $56.00.
Sector: Diversified Financials.
Target price is $63.50.Current Price is $57.05. Difference: $6.45 – (brackets indicate current price is over target). If JHG meets the Macquarie target it will return approximately 10% (excluding dividends, fees and charges – negative figures indicate an expected loss).
