Perpetual’s shares experienced a significant surge, climbing 9.2 per cent to reach $20.14 by 1.50pm AEST on Wednesday. This increase follows UBS’s decision to upgrade its outlook on Perpetual stock from ‘neutral’ to ‘buy’. The revised short-term share price target of $22.50 suggests an anticipated underlying growth exceeding 11 per cent.
UBS analyst Shreyas Patel indicated that Perpetual shares appeared to have been ‘oversold’ in the market, contributing to the rationale behind the upgrade. Perpetual is a global financial services firm, providing asset management, wealth management, and trustee services to institutions, financial advisers and individuals.
In related market activity, Magellan Financial Group also saw positive movement, with its shares rising 6.2 per cent to $9.26. This increase occurred after UBS maintained its ‘buy’ outlook on Magellan. The short-term share price target for Magellan is set at $9.50, implying an underlying growth of 2.5 per cent. Magellan is an Australian-based investment management company focused on global equities and infrastructure investments.
The market’s response reflects investor confidence in both Perpetual and Magellan following UBS’s analysis and ratings, indicating potential growth and value in these financial stocks.
