MFG – Morgan Stanley rates the stock as Underweight

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First-half adjusted earnings beat estimates. The company is planning to launch its retirement income product by June 2020, largely using in-house capabilities and equities as a core building block.

Morgan Stanley continues to believe the stock is too expensive and growth drivers remain narrow. Target is raised to $50 from $44. Underweight maintained. Industry view is: In-Line.

Sector: Diversified Financials.

Target price is $50.00.Current Price is $74.78. Difference: ($24.78) – (brackets indicate current price is over target). If MFG meets the Morgan Stanley target it will return approximately -50% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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