MQG $150, page-30

It's worth remembering that the FY19 report in May19 forecast FY20 earnings below FY19, and that was affirmed in the 1H20 results last week despite 1H20 beating 1H19. So MQG appear to be predicting quite a disappointing 2H20 (at least relative to 2H19).

Underpromising and overdelivering is one thing but there's a limit to how much they can sandbag, so given FY20 guidance has now been given and reaffirmed as worse than FY19 we should expect that is quite accurate, though always allowing for some variance.

Based on earnings going backwards it's hard to see the SP hitting $150 without some other significant new factors like asset appreciation from a big QE.