PTM – MS rates the stock as Underweight

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Morgan Stanley estimates net outflows of around -$500m in February.The company has suggested that outflows are starting to normalise, but the broker suspects a risk these continue for longer and there is downside emerging to forecasts.

The buy-back of up to 10% of issued capital is expected to support the share price. Underweight. Target is $4.30. Industry view: In-Line.

Sector: Diversified Financials.

Target price is $4.30.Current Price is $5.17. Difference: ($0.87) – (brackets indicate current price is over target). If PTM meets the Morgan Stanley target it will return approximately -20% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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