AMP rallied +4.6% on Thursday following their report with plenty of attention focusing on their decision to pause a $350mn capital return pending the outcome of some legal matters, all very prudent in our opinion especially considering the last few years. CEO Alexis George said yesterday that a decision will be made in 2023 suggesting much of the recent uncertainty is about to dissipate, usually a bullish catalyst for stocks. Unfortunately, we are forced to acknowledge that AMP is no longer a financial giant and that there’s still plenty of work to be done in the company’s restructuring – they currently operate a small bank, a platform business and an advice business that continues to lose money.
- We believe AMP is finally headed in the right direction and can again test $1.40 in 2023/4.
MM is bullish toward AMP ~$1.15
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