Magellan shares tumble after Macquarie downgrade
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More news: Magellan Financial Group was one of the worst performers on the ASX 200 after being downgraded by Macquarie.
Shares were down 5.4% to $9.95 at 12:20pm AEST, having dropped 10.5% since the start of 2025.
Macquarie downgrades Magellan to 'underperform'
The news: Macquarie has downgraded its rating on Magellan Financial Group, due to lower expected associate profits, higher sub-advisory fees, and lower distribution income.
The numbers: Macquarie downgraded Magellan from 'neutral' to 'underperform', but lifted its 12-month target price from $8.37 to $8.65. Magellan shares last closed at $10.52.
The context: Macquarie analysts said they also see risks to accelerated net outflows due to the departure of infrastructure portfolio manager Gerald Stack in July, as well as risks relating to fund rating reviews and poor relative fund performance.
The source: Macquarie research
