Morgan Stanley reports IOOF Holdings' September quarter group outflows were better than expected, despite outflows of -$940m from Pensions and Investments being significantly worse than the forecast -$650m.

The broker highlighted funds under management and administration were restated substantially lower, and in particular MLC funds under management and administration were lowered -33%. 

The Overweight rating and $5.50 target are retained. Industry view: In-line.

Sector: Diversified Financials.

Target price is $5.50.Current Price is $4.08. Difference: $1.42 - (brackets indicate current price is over target). If IFL meets the Morgan Stanley target it will return approximately 26% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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