Macquarie Group has upgraded recent guidance for profit (NPAT) to be “slightly down on FY20” to now “up around 5%-10%” on pcp. This was driven by increased demand for gas and power as a result of severe weather conditions across North America, explains Morgans
After upgrading forecasts, the analyst notes the diversification of its business has come to the fore and will help deliver an impressive profit growth outcome. It’s considered the group remains well positioned to seize opportunities on the other side of covid-19.
The Add rating is unchanged and the target price increased to $162.3 from $147.
Sector: Diversified Financials.
Target price is $162.30.Current Price is $142.26. Difference: $20.04 – (brackets indicate current price is over target). If MQG meets the Morgans target it will return approximately 12% (excluding dividends, fees and charges – negative figures indicate an expected loss).