Macquarie Group: Finally coming off the crest of a wave
About the author:
- Author name:
- By Richard Coles
- Job title:
- Senior Analyst
- Date posted:
- 06 November 2023, 7:00 AM
- Sectors Covered:
- Insurance, Diversified Financials
- MQG’s 1H24 NPAT (A$1.41bn) was 20% below Visible Alpha consensus ($1.77bn).
- Overall, we saw this as a soft result that was well below market earnings expectations, although clearly a normalisation in Macquarie Group's (ASX:MQG) operating environment is the key driver here.
- We lower our MQG FY24F EPS by ~-5%, with slight lifts to other future year earnings. Our Target Price is lowered to (login to view). With >10% share price upside to our price target, we maintain our ADD recommendation.
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