Credit Corp. Keeps Bull Despite U.S. Purchasing Outlook
Dow Jones
Aug 05
0142 GMT - Australian debt manager Credit Corp. keeps its bull at Macquarie despite disappointing the market with its fiscal 2027 ledger-purchase outlook. With an unchanged outperform rating on the stock, one of the investment bank's analysts tells clients in a note that valuation remains attractive at about eight times earnings, even with mixed visibility on near-term purchased debt ledgers. The note says Credit Corp.'s fiscal 2027 target to purchase U.S. debt of between 100 million and 130 million Australian dollars fell short of market expectations, but adds that the group's new U.K. and local aspirations include a doubling of its book size over two to three years. Macquarie cuts its target price 3.5% to A$13.34. Shares are up 3.75% at A$13.27.
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