0123 GMT - Pinnacle Investment Management's bull at Macquarie sees scope for the Australian company to surpass earnings forecasts. Keeping an outperform rating on the stock, one of the investment bank's analysts writes in a note that there is upside risk from funds under management, flows, fee rates and operating margins. The analyst tells clients that funds-under-management growth was excellent at five of ASX-listed Pinnacle's affiliates. The key point is that these affiliates represent about 65% of the group's total funds under management. On top of this, there is still scope for potential accretive M&A activity, the analyst concludes. Macquarie trims its target price 4.6% to 23.95 Australian dollars. Shares are up 8.9% at A$19.34.