Shares in Macquarie Group gained as much as 4.2 per cent today. The stock, up 85 per cent in the last 12 months, continues to defy some analyst forecasts.
Craig Williams, the Citigroup analyst, has a 12-month share price target for the stock at $44. At 1545 AEST Macquarie was up $1.30, or 3 per cent, to $45.36, after rising as high as $45.92.
On May 15 the stock hit a 52-week high of $47.37 and is down 3.4 per cent since then. The S&P/ASX200 Index has dropped 3.7 per cent during the same period.
Citi’s Williams has increased his earnings per share forecasts for the stock by 7 per cent in the 12 months to June 30, 2014 and by 11 per cent for the same period in 2015.