Magellan Keeps Bear Following Disappointing Quarter
Dow Jones
Jul 09
0221 GMT - Magellan Financial's bear at Macquarie reiterates an underperform rating on the Australian investment manager following its disappointing June quarter. The analyst tells clients in a note that funds under management of A$36.7 billion fell short of their forecast and consensus by about 4%. This was mostly driven by weaker flows but also by fund underperformance, the analyst writes. They lower their adjusted EPS forecasts by 2.9% for the current fiscal year, by 6.8% for fiscal 2027 and by 5.6% for fiscal 2028. Macquarie cuts its target price on the stock by 5.4% to 7.00 Australian dollars. Shares are down 3.5% at A$10.165. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
July 08, 2026 22:21 ET (02:21 GMT)
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