2321 GMT - GQG Partners' exposure to Adani Group will likely play out over the medium-to-long term as an investment mistake, Morgans analyst Scott Murdoch reckons. He sees the initial direct impact on funds under management and earnings as negligible, but warns the recent underperformance of GQG's emerging markets fund will be exacerbated by its holdings in the troubled Indian conglomerate. He tells clients in a note there is a risk of short-term reputational damage from the Adani exposure, but sees GQG well placed over the longer term to benefit from improving markets. Morgans cuts its target price by 20% to A$2.47 and lowers its recommendation to hold from add. Shares are up 0.5% at A$2.22. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 24, 2024 18:21 ET (23:21 GMT)
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