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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. 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