2251 GMT - Australian Finance Group gets a new bull in Macquarie, which believes earnings momentum is turning positive. Macquarie, upgrading AFG to outperform from neutral, highlights a fast start to 2H. In January, AFG fielded a 26% on-year rise in residential lodgements and a 31% improvement in securities settlements. "AFG Home Loan product activity and margin stabilization support the outlook for earnings," Macquarie says. "Valuation is supported by a 7% dividend yield and 11x 1-year forward PE." AFG ended Monday at A$1.57, below Macquarie's A$1.68 price target. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 03, 2025 17:51 ET (22:51 GMT)
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