After popping to an all-time high last week, PNI has subsequently drifted lower, taking it 9.2% below last Wednesday’s high. PNI announced strong 1H results last week with earnings up ~150% on the period, driven by a strong uplift in performance fees from their affiliates, a level of growth that we would not extrapolate. However, it feels like some investors have decided to lock in some profits, aka CAR & JBH, and with the stock still very expensive compared to recent years, we can see further downside until the buyers return with decent appetite, i.e. stocks “priced for perfection” are starting to feel vulnerable across the ASX.
- We can see PNI testing $22 in the next few months, or ~10% lower.
MM is neutral towards PNI short-term
Add To Hit List
