0419 GMT - Magellan's bears at Morgan Stanley see potential for a relatively simple turnaround at the Australian wealth manager. MS analysts tell clients in a note that Magellan's strong balance sheet means it has capacity to pursue growth, while its focus on strategic partnerships should eventually drive stronger flows. However, they don't feel ready to become more positive on the stock, pointing to Magellan's recent base fee reduction, which they say was outsized. Lagging performance at its two flagship funds and delayed clarity on capital management also weigh. MS cuts its target price 23% to A$6.30 and keeps an underweight rating on the stock. Shares are up 5.0% at A$7.34. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 10, 2025 00:19 ET (04:19 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。