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Pinnacle Investments Group (PNI) $11.51

PNI is up 14.2% so far this year as the investor and fund support company continues to perform strongly. The company actually delivered a 7% 1H profit miss in February, but the stocks still rallied strongly on upbeat revenue momentum exiting 2023. We are optimistic that underlying operating leverage will evolve in the 2H, but this looks likely to be dependent on some affiliates slowing down their spending. Market expectations have increased around FUM flows, fee margin, and performance fee outlook, but again, this may be offset to a degree by higher affiliate costs. Signs moving forward that costs are being managed is likely to see a strong move on the upside, but the risk/reward isn’t exciting at current levels.

  • We like PNI through 2024, initially targeting new 2-year highs, although the stock is not cheap, around $11.50.
PNI
MM is cautiously bullish toward PNI
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Pinnacle Investments Group (PNI)
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