Australia's Magellan Financial gains as brokerages remain upbeat on quarterly update

Shares of Magellan Financial Group rose by 2.5% to A$10.56, marking a potential third consecutive day of gains. Macquarie increased its price target for the asset manager to A$8.65 from A$8.55. As of September-end, Magellan reported funds under management (FUM) of A$40.2 billion, surpassing the brokerage's forecast of A$39.3 billion. Adjusted EPS estimates for FY26 and FY27 were raised by 1.3% and 1.4%, respectively, although challenges in retail flows may impact management fees. The stock is down 4% year-to-date.