Macquarie has upgraded FY16 earnings guidance at its AGM, due to asset recycling which has driven performance fees.
Deal flows were strong in the first quarter but Citi finds signs the pipeline of deals is softening.
The broker raises earnings estimates by 6.0% and 3.0% for FY16 and FY17 respectively. A Neutral rating and $76 target are retained.
Sector: Diversified Financials.
Target price is $76.00.Current Price is $81.50. Difference: ($5.50) – (brackets indicate current price is over target). If MQG meets the Citi target it will return approximately -7% (excluding dividends, fees and charges – negative figures indicate an expected loss).