Macquarie re-affirmed FY17 earnings will meet market expectations. This places FY17 revenue at $10.3b and cash earnings flat on FY16 at $2.1b.
FY17 EPS will be $6.10 and DPS $4.30, placing the stock on a forward yield of 5.3%.
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We see Macquarie tracking sideways at best and downside risks increasing from a pickup in macro volatility.
