0400 GMT - Australian wealth manager AMP offers a compelling investment case after its improved flows surprised investors over the past few quarters, according to its bulls at Morgan Stanley. Analysts Andrei Stadnik and Richard E. Wiles say they prefer the stock over Insignia and Challenger, pointing out that AMP is trading at just 12 times underlying price-to-earnings. They write in a note that AMP is delivering more consistently these days on costs, revenue margins and flows, while reducing one-off items. They lift their underlying net profit forecasts for 2024 and 2025 by 2% and 4%, respectively, to reflect stronger funds under management and administration. The target price rises 12% to A$1.90 and MS stays overweight on the stock, which is up 4.7% at A$1.7775. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 23:00 ET (04:00 GMT)
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