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Australia's Magellan Financial hits 1-1/2-year low; Morningstar cuts fair value estimate on weaker outlook

By Reuters News

** Shares of Magellan Financial Group MFG.AX fall as much as 5.7% to A$7.26, their lowest level since April 23, 2025

** Morningstar cuts fund manager's fair value estimate to A$8 from A$8.50 after trading update showed weaker financial markets revenue, lower funds under management

** Reduces medium-term revenue forecast, citing continued fund management outflows and weaker outlook

** Says shareholders have approved company's rebranding to Barrenjoey Group to reflect increasing focus on investment banking

** Expects investment banking to contribute more than 80% of revenue by FY2031, up from about 70% in FY2026

** One of six analysts rates stock "buy", three "hold" and two "sell"; median PT A$8.05 - LSEG-compiled data

** YTD, stock down 26.5%

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