Challenger Keeps Bull at Goldman Despite Disappointing 1Q -- Market Talk

Dow Jones

16 Oct 2024

2246 GMT - Challenger keeps its bull at Goldman Sachs despite the Australian investment manager's weaker-than-expected 1Q update. Analyst Julian Braganza tells clients in a note that Challenger's capital position, life sales and fund-management flows all looked weak, although he points out that the company has maintained its annual profit guidance. He continues to like Challenger for its exposure to Australia's superannuation industry and makes only minor changes to earnings forecasts. Goldman retains a buy rating and has a A$7.82 target price on the stock, which is at A$6.51 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 16, 2024 18:46 ET (22:46 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Analyst Julian Braganza tells clients in a note that Challenger's capital position, life sales and fund-management flows all looked weak, although he points out that the company has maintained its annual profit guidance. He continues to like Challenger for its exposure to Australia's superannuation industry and makes only minor changes to earnings forecasts. Goldman retains a buy rating and has a A$7.82 target price on the stock, which is at A$6.51 ahead of the open. 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