MQG – Morgan Stanley rates as Equal-weight

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Macquarie Group has sold its 11.3% principle holding in Macquarie Atlas ((MQA)). Morgan Stanley estimates the total gain on sale was over $200m, although most of this was already booked in the first half when the company re-classified and marked to market its investment.

The broker estimates a gain on sale to be booked in the second half of around $40m. Equal-weight rating and In-Line industry view retained. Target is $100.

Sector: Diversified Financials.

Target price is $100.00.Current Price is $96.88. Difference: $3.12 – (brackets indicate current price is over target). If MQG meets the Morgan Stanley target it will return approximately 3% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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