CPU – Macquarie rates the stock as Underperform

Due to plunging interest rates, Computershare has downgraded FY20 management earnings guidance to “down around -15%” from a previous “down around -5%” but more importantly, the broker notes, downgraded FY21 margin income guidance by -47% on the basis that negative knock-on effects could manifest for US mortgage servicing and corporate actions through FY21.

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