Markets: Macquarie's overweight

Macquarie Group is trading too high for the likes of Morgan Stanley's Richard Wiles. He has downgraded his 2014 forecast for the investment bank.

Morgan Stanley’s Richard Wiles has listened to Macquarie Group’s presentation at its annual general meeting and come away unimpressed. The AGM in Melbourne yesterday, he says, provided “no meaningful guidance or materially positive commentary.”

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