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Morningstar cuts Magellan Financial's fair value estimate on weaker outlook

By Reuters News

** Morningstar cuts its fair value estimate on Magellan Financial Group MFG.AX to A$8 from A$8.50 after a trading update showed weaker financial markets revenue and lower funds under management

** Reduces medium-term revenue forecasts, citing continued fund management outflows and a weaker outlook for financial markets revenue

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

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

** YTD, stock down 22.9%, as of last close

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