The company reported March funds under management of $79.4bn, up 4.5% for the month and 12.2% for the quarter. Net flows have been strong.
Morgans believes the company’s strong presence with advice networks, and structural tailwinds, means a retirement income product that is in the planning would be welcomed, and material for the long-term.
Morgans maintains a Hold rating and would use any market volatility to return to a more positive stance. Target is raised to $37.65 from $33.40.
Sector: Diversified Financials.
Target price is $37.65.Current Price is $37.94. Difference: ($0.29) – (brackets indicate current price is over target). If MFG meets the Morgans target it will return approximately -1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
