BUZZ-Morningstar cuts fair value estimate on Australia's Pinnacle Investment Management

Pimco New York Municipal Income Fund II
Morningstar, Inc.

Pimco New York Municipal Income Fund II

PNI

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Morningstar, Inc.

MORN

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** Morningstar reduces fair value estimate on fund manager Pinnacle Investment Management PNI.AX by 7% to A$14, downgrades moat rating for Pinnacle to none

** "Pinnacle has built a solid platform with above-average fund retention. But we don't think it possesses sufficient advantage to maintain excess returns beyond the next decade" - Morningstar

** Says Pinnacle's diversification and past performance are insufficient to constitute a durable competitive advantage

** 7 of 8 analysts rate the stock "buy" or higher, 1 "hold"; their median PT is A$24.91 – according to data compiled by LSEG

** Stock down 9.2% YTD


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