jp morgan valuation unchanged

JP Morgan rates the stock as Overweight - Broker has taken the opportunity to reiterate its very, very bullish stance on Macquarie Bank.
The sum of the parts valuation includes 60% investment bank/40% integrated infrastructure funds manager and takes the broker's December 2006 share price target to $97.49 - still above the rest of the market and equally unchanged from previous calculations.

The analysts believe the main risk to their valuation lies with MBL divesting $1.6bn of seed assets before September 2006. This transaction should result in positive EPS revisions the analysts believe.

In case anyone had any doubt, JP Morgan firmly believes the risk is on the upside.

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What's the thinking on MBL's bid for the UK port and the likelihood that they will actually succeed in taking over an asset- any assets?