PTM – Morgan Stanley rates the stock as Underweight

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Morgan Stanley estimates net outflows of $330m in September, increasing the downside risks to its FY17 forecasts. The prospect of a buy-back is likely to support the share price.

Morgan Stanley envisages risks to flows from limited mix of distribution channels, a more mature retail business and rising competition. Underweight rating retained. Target is $4.50. In-Line sector view retained.

Sector: Diversified Financials.

Target price is $4.50.Current Price is $5.07. Difference: ($0.57) – (brackets indicate current price is over target). If PTM meets the Morgan Stanley target it will return approximately -13% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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