Morgans Reaffirms Their Buy Rating on Pinnacle Investment Management Group Limited (PNI)

Morgans reaffirmed a Buy rating on Pinnacle Investment Management Group Limited (ASX: PNI) and set a price target of A$23.94. The firm’s report, released today, was authored by Richard Coles, who maintained the stance after covering the financial sector. According to TipRanks, Coles is a 4-star analyst with an average return of 7.6% and a success rate of 53.72%. The company has received Buy notes beyond Morgans, including from Canaccord Genuity’s Cameron Halkett in a report dated June 24, while UBS kept a Hold rating on July 3. For the quarter ended December 31, Pinnacle reported revenue of A$40.48 million and net profit of A$67.34 million, compared with A$27.64 million revenue and A$75.71 million net profit last year. The note also cited positive insider sentiment based on eight insiders increasing purchases relative to earlier this year.