Buy the MQG Dip, page-26

A few brokers have been cutting their price targets post result (see excerpt from The Australian below). From memory the two biggest bulls were Morgan Stanley with target of $245 and Brian Johnson from Jeffries with target $225. Will be interesting to see their thoughts post results.

Macquarie shares drop 4.5 per cent to a 9-week low fo $178.40 after a number of upgrades and downgrades following its FH22 results on Friday.

Citi cut to Neutral while slashing its target price 17 per cent to $187, Morgans upgraded to Add while trimming its target to $209 from $215, Morningstar upgraded to Hold and Credit Suisse cut to Underperform.

UBS trimmed its EPS estimates by 5-10 per cent for FY23-25 and lowered its target to $200 from $205, noting a more uncertain operating backdrop with high inflation, rising interest rates and a market correction in bonds and equities clouding the outlook.