The company has reverted back to its original guidance, expecting a pre-tax profit range of $500-550m as opposed to the top end of the range.
Macquarie understands most of the adjustment has occurred in the funds management division.
The broker continues to like the long-term growth aspect but retains a Neutral rating. Target is reduced to $5.50 from $10.00.
Sector: Diversified Financials.
Target price is $10.00.Current Price is $5.49. Difference: $4.51 – (brackets indicate current price is over target). If CGF meets the Macquarie target it will return approximately 45% (excluding dividends, fees and charges – negative figures indicate an expected loss).
