Citi analysts have reduced their price target on Australia’s Perpetual (ASX:PPT) from A$30/share to A$24.80/share.

The firm’s stock rating has also been shifted from ‘buy’ to ‘neutral’.

The earnings contribution from Pendal (ASX:PDL), a firm recently acquired by Perpetual, was significantly lower than last year, causing this reduction.

Although the brokerage is not convinced that a turnaround in the stock’s value is imminent, the firm’s FY25 EPS expectations have been further reduced by 25%.

Despite these changes, out of eleven analysts, nine rate Perpetual (ASX:PPT) as ‘buy’ or higher and two rate it as ‘hold’, with a median price target of A$29.75 according to Refinitiv data.

The company’s shares have dwindled 4% this year as of the most recent close.

Perpetual is a financial services firm based in Australia.