MARKETS SPECTATOR: Macquarie upgrade

The silver donut's shares have outperformed the big four banks over the last 12 months. Now brokers are raising their target price, in spite of weaker-than-forecast results.

Macquarie’s first-half earnings of $361 million were below market expectations. However, JPMorgan notes that as the investment bank continues to focus its offering in chosen products and markets, a successful cost (staff and non-staff) cutting program has been enough to offset revenue weakness and keep the bank's 2013 earnings forecasts intact at around $840 million.


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