Stocks of the Hour: AMP, Magellan Financial, Australian Clinical Labs

Company News

by Melissa Darmawan

AMP (ASX:AMP) is slated to delist from the New Zealand Stock Exchange by February next year. The move is ahead of the planned demerger of its Private Markets business in the first half of next year. Shares are trading 0.8 per cent lower at $0.91.

In broker moves, Morgans has suggested to investors to avoid shares in Magellan Financial (ASX:MFG) until there is more certainty around the funds under management and earnings outlook. The broker's target price tumbles to $24.15 from $42.85, and its Hold rating is unchanged. This comes as the group announced the loss of St James Place mandate which represented around 12 per cent of revenue. Shares are trading 2.1 per cent higher at $20.11 after tumbling 33 per cent yesterday.

Australian Clinical Labs (ASX:ACL) upgraded its earnings and revenue forecast underpinned by strong demand for Covid-19 testing. The company has boosted its to total revenue range by 13 per cent, and after-tax profit range by 34 per cent. Shares are galloping, 7.2 per cent higher at $5.35.

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