Analysts from Macquarie have lowered their Price Target on money manager Magellan Financial Group (ASX:MFG) from A$9 per share to A$7 per share.

Macquarie believes that Magellan’s recent fall in their share-price indicates a higher risk of further outflows.

In a stark drop, Magellan’s share price fell by over 17% on Friday to reach a decade low.

This was observed to coincide with a decrease in their assets under management for the eighth month in a row.

Macquarie has subsequently made revisions to their earnings forecasts for Magellan, with a decrease of 7.1% for FY24 and 10.3% for FY25.

Currently, Magellan’s market performance mirrors the broader market and the company’s share prices have increased by 3.3%.

Despite this, the stock has gone down by 23.3% this year as of the most recent market close.

Magellan Financial Group is an Australian money management firm.