“Macquarie Bank (MQG) has given a third quarter 2023 trading update,” Raymond said.
“MQG’s third quarter 2023 year-to-date NPAT performance is slightly up on the pcp, compared to its financial year 2023 consensus (A$4.5bn, per Visible Alpha) expectations for a 6% earnings decline prior to today.
“MQG’s Commodities and Global Markets business has had an exceptional year due to volatility, with this business offsetting softer results in most other areas.
“We lift our MQG financial year 2023 F EPS by 4% on the strong third quarter 2023 update, but slightly reduce financial year 2024 F EPS (-2%) on some more conservative earnings assumptions.
“Our PT is largely unchanged at A$214.
“We maintain an ADD recommendation with more than 10% share price upside to our price target,” Raymond said.
Macquarie Group (MQG) – 2/22 to 2/23
Source: nabtrade
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