Brokers upgrade Macquarie (ASX:MQG) share price targets despite profit warning

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The Macquarie Group Ltd (ASX: MQG) share price retreated for a second day following its profit warning. Is the pullback a buying opportunity?
Motley Fool Australia » Share Market News » Brokers upgrade Macquarie (ASX:MQG) share price targets despite profit warning

The Macquarie Group Ltd (ASX: MQG) share price retreated for a second day following its shock profit warning. Is the pullback a buying opportunity?

Shares in the investment bank declined 0.6% to $119.48 during lunch time trade when the S&P/ASX 200 Index (Index:^AXJO) is holding at breakeven.

Macquarie share price hit by profit warning

The drop in the MQG share price today takes its fall from grace to just over 5% this week after management warned of a 35% slump in first half FY21 profit.

This stands in contrast to management's previous guidance of profits being slightly down. What is also a shock is that the profit downgrade is not what investors have come to expect from the Millionaires' Factory.

Macquarie built its reputation on under…
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