FY21 net profit was ahead of expectations. Morgans notes the company experienced a strong sales performance over the year with growth in life business funds under management of 38%.

FY22 estimates are upgraded by 13% and FY23 by 15% The broker continues to believe Generation Development is well-positioned to execute in the medium term and retains an Add rating. Target is raised to $1.40 from $1.16.

Sector: Insurance.

Target price is $1.40.Current Price is $1.18. Difference: $0.22 - (brackets indicate current price is over target). If GDG meets the Morgans target it will return approximately 16% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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