Macquarie Group's (ASX:MQG) fiscal 2026 growth is set to be fueled by a surge in global mergers and acquisitions activity, which is expected to double, according to a Wednesday note by Morgan Stanley.
Morgan Stanley notes that Macquarie Group offers earnings per share growth of 8.5% in the current fiscal year and a stronger 23% growth in fiscal 2026 while trading at 19 times the forecasted price-to-earnings ratio for the year.
The company's fiscal year growth is underpinned by stronger equity and debt markets, alongside a weaker Australian dollar, which is expected to continue supporting its growth trajectory, Morgan Stanley added.
Despite some potential headwinds from a setback in commodity revenues, Morgan Stanley believes the impact will be manageable.
Macquarie Group is also making progress on divesting its renewable energy assets, the firm added.
The firm has an overweight rating on Macquarie Group with an AU$253 price target.
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