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UBS has upgraded Magellan Financial Group's stock rating from Sell to Neutral, while lowering the price target to AUD8.20 from AUD8.85. Analyst Shreyas Patel noted the company's stabilized funds management business and strong balance sheet, with over half of its market cap supported by cash and investments. Despite potential near-term outflows due to a key portfolio manager's departure, the market has likely priced in this risk, and the expanded buyback program is expected to bolster stock performance.
News Corp reported a revenue of US$2.24 billion, marking a 5% year-over-year growth, with net income rising 58% to US$306 million. REA Group achieved A$873 million in revenue, up 20% YoY, while Beach Energy's sales revenue reached A$990 million, reflecting a 5% increase. Pexa Group announced a significant rise in its impairment forecast, and upcoming earnings reports are anticipated from AGL Energy, Charter Hall Retail REIT, Nick Scali, and Lithium Energy.
Magellan Financial Group Ltd
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ubs upgrades magellan financial to neutral lowers price target to aud 8.20
12:48 03.04.2025
strong financial results reported by news corp and other asx companies
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02:05 07.02.2025
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