Pinnacle Investment Management's 1H profit was in line with Morgans forecast. Thanks to flows and a market uplift late in H1, starting funds under management for H2 is up around 8% on the H1 average, explains the analyst.

Funds under management rose by 9% over the half to $100.1bn.

The broker believes a step-up in FY25 and FY26 earnings will spring from a number of sources including improved flows and material operating leverage on improved FUM.

The target rises to $11.40 from $9.35 and the Add rating is maintained.

Sector: Diversified Financials.

Target price is $11.40.Current Price is $10.84. Difference: $0.56 - (brackets indicate current price is over target). If PNI meets the Morgans target it will return approximately 5% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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