0116 GMT - Wealth manager Challenger may appear cheap to investors, but Morgan Stanley highlights several headwinds that keep it at equal-weight for now. Analyst Andrei Stadnik points to margins and volumes coming under pressure, and predicts a squeeze on Challenger's dividend given a wide gap between its reported and normalized earnings. "So we think Challenger is likely to trade on lower multiples until positive catalysts emerge," MS says. Its price target falls 9.8% to A$5.95/share. Challenger is up 1.4% at A$5.66 today. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 18, 2025 20:16 ET (01:16 GMT)
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