2327 GMT [Dow Jones]--Any potential upside to Macquarie's earnings from rebounding capital markets already looks priced in, according to Morgan Stanley analysts. They tell clients in a note that recovering M&A activity presents upside risk to their forecasts, but that the stock is trading at 21.5 times their fiscal 2026 net profit forecast, which compares with a 10-year average of 16. This suggests to them that a capital-markets recovery and Macquarie's structural growth options are already incorporated into investors' outlook. Return-on-equity prospects are also weaker than at Commonwealth Bank, they add. MS keeps an equal-weight rating and A$216.00 target price on the stock, which is at A$219.91 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

September 11, 2025 19:29 ET (23:29 GMT)

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