0005 GMT - AMP gets a new bull in Citi despite several clear risks. Analyst Nigel Pittaway says a superannuation class action case due to commence in late May seems to be a concern for investors. "With an uncertain equity market there is likely also risk of further assets under management (and therefore fee) declines and, potentially too, a change in sentiment for flows, albeit its market leverage is less than some others," Citi says. Still, AMP's 1Q flows were generally positive and the wealth manager's share price has come down a lot. "This points to a value opportunity even if the timing of crystallization may be difficult to perfect," says Citi, upgrading AMP to buy, from neutral. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
April 21, 2025 20:05 ET (00:05 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.