Joby Aviation closes $591 million stock offering with full underwriter option
Investing.com - Macquarie has upgraded Jardine Matheson (JM:SP) (OTC:JMHLY) stock rating to Outperform from Neutral while raising its price target to $71.10 from $60.60, representing a 17% increase. The stock, currently trading near its 52-week high of $61.35, has delivered an impressive 54.66% return year-to-date. According to InvestingPro analysis, the company appears slightly undervalued at current levels.
The upgrade follows Hongkong Land’s (HKL) divestment of its MCL subsidiary, which Macquarie notes continues the company’s capital recycling momentum.
Macquarie highlighted that fiscal year 2025 divestments have already exceeded those of fiscal year 2024, with a strong pipeline of potential transactions remaining.
The firm also pointed out that HKL has extended its share buyback program by an additional $150 million, with 90% of the current $200 million already utilized, and extended the timeline to December 2026.
Macquarie expressed a bullish outlook on the Jardine Matheson group overall, specifically identifying Astra as its top pick within the conglomerate.
In other recent news, Jardine Matheson received an upgrade from JPMorgan, which changed its stock rating from Neutral to Overweight. This decision comes after the company reported a 12% decline in earnings for the fiscal year 2024. Despite this downturn, JPMorgan is optimistic about a potential turnaround, forecasting mild earnings growth of 1% in the first half of 2025 and 2% for the entire fiscal year 2025. The investment bank also increased its price target for Jardine Matheson to $57.00, up from $44.00. These recent developments highlight a shift in analyst sentiment, as they anticipate a gradual recovery in the company’s financial performance.
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