Credit Suisse downgrades it EPS forecasts for asset managers by -16% on average for FY23, after allowing for market movements in the second quarter just finished.
Before changing its Neutral rating for Magellan Financial, the broker would like to see a stabilisation of institutional flows and some outperformance by the Global Fund. The target price falls to $12.40 from $14.40.
Sector: Diversified Financials.
Target price is $12.40.Current Price is $12.32. Difference: $0.08 – (brackets indicate current price is over target). If MFG meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
