-- Macquarie Group's (ASX:MQG) fiscal 2026 results beat estimates, driven by lower costs and a lower average tax rate, Jefferies said in a Friday note.
The company delivered a "very strong" result with net profit after tax of AU$4.85 billion up 30% year over year, exceeding Jefferies' estimates by 9%. The revenue also included "materially" higher provision build, which masks a stronger underlying result, the equity research firm said.
The outlook aligns with Jefferies' fiscal 2027 after-tax net profit estimate of around AU$5 billion.
Jefferies reiterated a buy rating on Macquarie Group with a price target of AU$247.40.
Macquarie Group's shares shed 1% in recent Friday trade and earlier hit a record high.