The December quarter was mixed and the environment more challenging. Credit Suisse notes the quarter was positive for exchange traded commodities market and futures and negative for investment banking fees and trading volumes within equity and gold markets.
The broker continues to believe Macquarie is an earnings upgrade story, although now later in the upgrade cycle and with fewer sources of positive earnings momentum. An Outperform rating and $90 target are maintained.
Sector: Diversified Financials.
Target price is $90.00.Current Price is $72.04. Difference: $17.96 – (brackets indicate current price is over target). If MQG meets the Credit Suisse target it will return approximately 20% (excluding dividends, fees and charges – negative figures indicate an expected loss).