Despite upgrading forecasts by more than 80% during the second half, FY21 results were still ahead of Macquarie’s expectations.
The FY22 outlook is also attractive to the broker, supported by closing funds under management being 28% above the FY21 average.
Macquarie retains an Outperform rating and raises the target to $15.33 from $12.28.
Sector: Diversified Financials.
Target price is $15.33.Current Price is $14.85. Difference: $0.48 – (brackets indicate current price is over target). If PNI meets the Macquarie target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).
