“Macquarie (MQG) financial year 2025 net profit after tax (NPAT) of $3.7 billion was +1% above Factset consensus (A$3.7 billion),” Raymond said.

“Overall, we saw this result largely as expected, with the positive share price reaction (+3%) likely reflecting a more stable result outcome versus MQG’s recent history of earnings disappointments.

“We downgrade our MQG FY26F/FY27F earnings per share (EPS) by 2%-3%.

“Our price target rises to $223 with our earnings changes offset by a valuation roll-forward.

“MQG is a quality franchise, and with a recent pull back in the share price occurring linked to macro and global trade factors, we see upside and move to an ADD (from Hold) recommendation,” Raymond said.

 Macquarie (MQG)