Jefferies sees potential in Australia's Macquarie despite recent selling
- * Brokerage Jefferies says it sees significant upside potential for Macquarie Group's stock, despite its recent selloff amid market volatility
- * Says MQG's percieved status as a "market facing asset churner" growth stock, and its non-repetition of high earnings from its Macquarie Capital unit have spurred recent underperformance to the benchmark index
- * MQG has lost 11.6% so far in May, while the benchmark S&P
ASX 200 index has shed just 3.4% - * "We still think MQG could be a multi bagger over the next 5-10 years given its cross divisional earnings leverage to global energy decarbonisation" - Jefferies
- * Maintains price target of A$230 and 'buy' rating - says "derated" MQG, which closed Friday trading at A$183, is "not trading like a growth stock"
- * Out of 14 analysts covering MQG, nine rate it 'buy' or higher, three 'hold', two 'sell'; median PT is A$218
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