Macquarie
Macquarie is a Sydney-based global financial group whose Macquarie Capital division runs its equities research, sales and execution business. Its research centers on Asia-Pacific, with a US team focused on software, gaming and leisure, media, and business services and payments.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 11212M
- Actions
- 36512M
- Ratings / Price targets
- 285 / 80
- Upgrades / Downgrades
- 23 / 22
- Initiations
- 4
- Buy-rated
- 61%of 95 rated
- Median upside
- +27.1%
- Targets raised / lowered
- 23 / 25
- On record
- May 2012 – Sep 2026
Overview
As of 2026 Macquarie's equities team covers more than 1,000 Asia-Pacific listed companies across Australia, New Zealand and 11 Asian markets, alongside its US sector teams. It ranked second on the Research Strength Index in the 2025 Australian Equity Investors Study.
Macquarie began in Sydney in 1969 as Hill Samuel Australia, a subsidiary of the UK merchant bank Hill Samuel & Co. It obtained a banking licence as Macquarie Bank in 1985, listed on the Australian Stock Exchange in 1996 and bought ING's Asian cash equities business in 2004. Macquarie Group Limited became the non-operating holding company in 2007; the group today spans asset management, banking, commodities and global markets, and Macquarie Capital.
Milestones
- 1969
Hill Samuel Australia opens in Sydney with three staff
- 1985
Obtains banking licence as Macquarie Bank
- 1987
Stockbroking associate becomes Macquarie Equities Limited
- 1996
Lists on the Australian Stock Exchange
- 2004
Acquires ING's Asian cash equities business
- 2007
Macquarie Group Limited formed as holding company
Firm facts
- Legal name
- Macquarie Group Limited
- Type
- Full-service
- Founded
- 1969
- Headquarters
- Sydney, Australia
- Listing
- ASX: MQG
- Managing Director and CEO, Macquarie Group (retiring November 2026)
- Shemara Wikramanayake
- Head of Macquarie Capital
- Michael Silverton
- Rating scale
- OutperformNeutralUnderperform12 months
- Website
- macquarie.com
Research philosophy
We look to understand eco-systems and focus on thematics over short-term price action.
Macquarie says its Asian research teams collaborate across countries and sectors. As of 2026, they combine country coverage with four thematic areas, including technology and energy transition, supported by proprietary data. In Australia and New Zealand, the firm describes a largely bottom-up approach informed by site visits and contact with unlisted companies, alongside work from its strategy, economics, quantitative and ESG teams.
Rating methodology
Stocks are rated Outperform, Neutral or Underperform over 12 months; for Asia and US coverage, Outperform means an expected return above 10% and Underperform below -10%.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 IREN LimitedIREN | Outperform | $90 |
 GitLab Inc.GTLB | Neutral | $26 |
 PayPal Holdings, Inc.PYPL | Neutral | $50 |
 Core Scientific, Inc.CORZ | Outperform | $38 |
 Salesforce, Inc.CRM | Neutral | $280 |
 CoreWeave, Inc. Class A Common StockCRWV | Outperform | — |
 Caesars Entertainment, Inc.CZR | Neutral | $52 |
 Block, Inc.XYZ | Neutral | $75 |
 CrowdStrike Holdings, Inc.CRWD | Neutral | $485 |
 Las Vegas Sands Corp.LVS | Outperform | $56 |
Most active analysts
- Paul Golding18 notesIRENCORZPYPL
- Ellie Jiang15 notesTCOMTMEPDD
- Eugene Hsiao9 notesNIOXPEVLI
- Steve Koenig6 notesGTLBCRWDDDOG
- Tim Nollen6 notesAPPDVNFLX
- Chad Beynon4 notesFLUTGAMBPENN
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | KSKS | Downgrade | Outperform →Underperform | ||
| Sep 17 |  J.B. Hunt Transport Services, Inc.JBHT | Upgrade | Outperform | ||
| Sep 17 | TCTrip.com Group LimitedTCOM | Upgrade | Neutral →Outperform | $44.30 →$52.20 | |
| Sep 17 |  AngloGold Ashanti PlcAU | Downgrade | Neutral | ||
| Sep 17 | JPJP | Initiate | Neutral | ||
| Sep 15 |  Roblox CorporationRBLX | Reiterate | Neutral | ||
| Sep 14 | WFWFRSF | Downgrade | Neutral | $4 | Regan Burrows |
| Sep 14 | PRPursuit Attractions and Hospitality, Inc.PRSU | Initiate | Outperform | $62 | |
| Sep 10 | Block, Inc.XYZ | Reiterate | Neutral |