Morgan Stanley still has a buy rating on IFL .. I think...

Morgan Stanley still has a buy rating on IFL ..
I think it's a matter of riding out the storm at the moment..

It’s currently rated as a buy by at least four brokers, including Morgan Stanley which has a price target of $5.50 on the business.
The broker highlights the recent FY22 first-quarter update, which showed that fund outflows were not as bad as expected.
In that quarterly update, the ASX share said it saw continued growth in funds under management and administration (FUMA), with restated FUMA up $2.4 billion to $321.1 billion.
The funds under administration business saw an increase of $1.8 billion over the quarter to $222.8 billion. Positive market movements of $3.4 billion were offset by pension payments of $0.8 billion and net outflows of $0.9 billion.
Meanwhile, the funds under management (FUM) increased by $0.6 billion over the quarter to $98.3 billion. Market gains of $2 billion were offset by net outflows of $1.4 billion.
After IOOF’s recent acquisitions, including MLC, it said that its previously stated combined acquisition pre-tax synergy run-rate target of $218 million per annum by the end of FY24 and the FY22 synergy run-rate range of $80 million to $100 million, remain on track. It’s also evaluating whether there are additional synergies that can be found.
Morgan Stanley thinks it’s valued at 11x FY22’s estimated earnings, with a grossed-up dividend yield of 9.25%.