BUZZ-Jefferies lifts Macquarie Group's PT after earnings beat forecast

S&P Global, Inc.

S&P Global, Inc.

SPGI

0.00

** Analysts at Jefferies raise price target for Australia's Macquarie Group MQG.AX to A$253.73 from A$247.40; reiterate "buy" rating

** Macquarie on Friday reported annual profit of A$4.85 billion ($3.51 billion), beating a Visible Alpha consensus of A$4.39 billion

** Jefferies says investment bank is nearing inflection point, supported by improving conditions, balanced earnings mix and clear pathways to higher returns across operating groups

** Market underestimates MQG's recovery in earnings and sustainability of returns, with valuation remaining undemanding relative to peers - Jefferies

** Morningstar lifts medium-term MQG earnings forecasts, supported by stronger recurring income in Commodities and Global Markets division, and cost cutting in Banking and Financial Services

** MQG up 17.7% YTD

($1 = 1.3805 Australian dollars)


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