BUZZ — Jefferies, Morningstar positive on AMP after Q3 update
* Jefferies raises its price target on AMP to A$2.80 from A$2.77 and maintains a "buy" rating following the company's third-quarter update * Brokerage says platform net cash flows rose 20% YoY, while AMP's New Zealand Wealth Management business delivered its strongest quarter since 2023 * Jefferies says FY26 YTD platform net cash flows of A$4.5 billion ($3.11 billion) are up 29%, putting AMP on track to exceed FY25's A$5.1 bln result * Morningstar also raises its fair value estimate by 17% to A$1.75 a share, citing improved business quality and a stabilising wealth business * Investment research firm says co's wealth-management business is turning around in both volumes and earnings, though not as strongly as the market assumes * Adds AMP's margin pressure could ease over time as the bank diversifies its funding mix, sources more lower-cost deposits and prioritises profitability over aggressive loan growth * YTD, stock up 32.6%, as of last close ($1 = 1.4457 Australian dollars) (Reporting by Paridhi Minda in Bengaluru) ((Paridhi.minda@thomsonreuters.com)
* Jefferies raises its price target on AMP to A$2.80 from A$2.77 and maintains a "buy" rating following the company's third-quarter update * Brokerage says platform net cash flows rose 20% YoY, while AMP's New Zealand Wealth Management business delivered its strongest quarter since 2023 * Jefferies says FY26 YTD platform net cash flows of A$4.5 billion ($3.11 billion) are up 29%, putting AMP on track to exceed FY25's A$5.1 bln result * Morningstar also raises its fair value estimate by 17% to A$1.75 a share, citing improved business quality and a stabilising wealth business * Investment research firm says co's wealth-management business is turning around in both volumes and earnings, though not as strongly as the market assumes * Adds AMP's margin pressure could ease over time as the bank diversifies its funding mix, sources more lower-cost deposits and prioritises profitability over aggressive loan growth * YTD, stock up 32.6%, as of last close ($1 = 1.4457 Australian dollars) (Reporting by Paridhi Minda in Bengaluru) ((Paridhi.minda@thomsonreuters.com)