2115 GMT - Perpetual's bull at Bell Potter reiterates their buy call on the Australian wealth manager despite some uncertainty over the demerger of its wealth management and corporate trust businesses. Analyst Marcus Barnard thinks that a tax ruling on the demerger is likely to be positive for shareholders. He tells clients in a note that planned reductions in the company's cost base should also lead to improved forecasts, and reckons that recent share-price moves have shown the stock is receptive to even small positive changes in sentiment. Bell Potter keeps a A$24.76 target price on the stock, which is at A$21.82 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 05, 2024 16:15 ET (21:15 GMT)
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