BUZZ-Citi cuts PT on Perpetual on lower earnings contribution from Pendal Group

Reuters2023-08-25

** Analysts at Citi cut Price Target on Australia's Perpetual to A$24.80/share from A$30/share

** Lowers stock rating to 'neutral' from 'buy'

** Says earnings contribution from recently acquired Pendal

was the main problem and was materially down from last contribution

** Brokerage not yet convinced a turnaround in the stock's value is 'imminent'

** Lowers FY25 EPS expectations by a further 25% on the financial services firm

** Nine of 11 analysts rate the PPT "buy" or higher and two "hold"; their median PT is A$29.75 – Refinitiv data

** PPT has fallen 4% this year, as of last close

($1 = 1.5588 Australian dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))

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