0454 GMT - AMP's undemanding trading multiples and flow momentum mean it remains Morgan Stanley's pick among Australian wealth managers. While acknowledging that softer market returns have weighed on AMP's assets under management, the MS analysts tell clients in a note that wealth flows are improving. They also see potential for further cost-cutting within AMP's superannuation and investment division, which could support a re-rating of a stock that is trading at about 10 times fiscal 2026 earnings. They value AMP at 13 times fiscal 2026 earnings, suggesting a 30% upside for investors. Morgan Stanley lowers its target price by 8% to A$1.62 while staying overweight on the stock. Shares are up 0.4% at A$1.29. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 30, 2025 00:54 ET (04:54 GMT)
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