0329 GMT - Dai-ichi Life's purchase of a 15% stake in Challenger seems to support Citi analyst Nigel Pittaway's argument that the Australian wealth manager looked inexpensive. Pittaway, who already had a buy rating on the stock, tells clients in a note that the Japanese company's entrance on Challenger's share registry should support a higher valuation even if no full takeover is in the pipeline. He sees the timing of the transaction as interesting given the sell-off in global equities but reckons that it indicates a long-term positive view of Australia's retirement market. Citi has a A$6.70 target price on the stock, which is up 6.3% at A$5.89. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 06, 2025 23:29 ET (03:29 GMT)
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