BUZZ- Citi flags near-term headwinds for Australia's Macquarie; cuts forecasts 04 Nov 2024 12:11 ** Citi says Aussie investment bank Macquarie faces multiple near-term headwinds across its businesses on the back of lower commodities income and softer segmental revenues** Brokerage retains "sell" rating and price target of A$177 for MQG** MQG reported half-yearly profit of A$1.61 bln ($1.06 bln), missing a consensus estimate of A$1.73 bln, according to Visible Alpha cited by UBS** Citi cuts MQG's earnings forecasts by 5%, 4%, and 8% for the fiscal 2025, 2026, and 2027, respectively** "Yet again, it seemed that the market wanted to look through a soft earnings result in favour of an earnings recovery down the track" - Citi** MQG up 21.6% YTD as of last close, compared to a ~7% gain on the benchmark ASX 200 index
MQG Price at posting:
$222.28 Sentiment: None Disclosure: Held
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