US banks have delivered strong results in recent weeks, which reads well for MQG, and with almost 40% of its revenue coming from the Americas, the slumping $A is helping almost by the week. Like all the major local banks, it’s not cheap, however, we think there is scope for earnings to grow more quickly in 2025 than consensus expects, and we are tipping another level up in terms of growth in 2026 as they execute on a higher volume of asset sales. Ultimately, MQG is a bull market stock, leveraged to confidence, activity, and liquidity, which should improve with rate cuts plus the new Trump administration and potentially a Liberal one locally – Dutton is well ahead at the bookmakers.
We can see MQG pushing into the $250-260 area in early 2025, helped by its US operations – MM is long MQG in its Active Growth Portfolio.
MM is long and bullish MQG
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