MFG – Morgan Stanley rates as Underweight

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Morgan Stanley upgrades FY19 estimates by 7.5% but remains concerned about the flow momentum in retail funds. Retail flows produce flat-to-negative monthly rates from March to June and the broker forecasts $30m in monthly outflows in FY19.

Underweight maintained. Target is raised to $21.50 from $20.00. Industry view: In-Line.

Sector: Diversified Financials.

Target price is $21.50.Current Price is $27.31. Difference: ($5.81) – (brackets indicate current price is over target). If MFG meets the Morgan Stanley target it will return approximately -27% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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