In the good books
MAGELLAN FINANCIAL GROUP LIMITED (MFG) was upgraded to Neutral from Underperform by Macquarie B/H/S: 0/2/5
Following a recent de-rating in the share price along with relative outperformance, Macquarie upgrades to Neutral from Underperform. Target is $50. The company's $275m capital raising in isolation would result in just under -3% dilution, the broker calculates. Offsetting this, the proceeds will be used to launch the Magellan High Conviction Trust as well as a new retirement product and seed new investment strategies.