Why the Macquarie (ASX:MQG) share price is pushing higher again

This investment bank is ending the month on a positive note…

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green arrow representing a rise in the share price

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The Macquarie Group Ltd (ASX: MQG) share price is on course to finish the month on a positive note.

In morning trade, the investment bank’s shares are up over 1.5% to $158.07.

This means the Macquarie share price is now up a sizeable 13% since the start of the year.

What is driving the Macquarie share price higher?

With no news out of the company this week, today’s rise in the Macquarie share price could be down to improving investor sentiment which is driving the S&P/ASX 200 Index (ASX: XJO) higher.

In addition to this, it is worth noting that the company has been the subject of several positive broker notes in recent weeks. These could also have given its shares a bit of a boost.

Which brokers are positive on Macquarie?

One broker that is positive on Macquarie is Ord Minnett. Earlier this month it put an accumulate rating and $170.00 price target on the company’s shares. It notes that recent transactions demonstrate the ongoing robust environment for infrastructure assets and expects Macquarie to benefit greatly from this.

Elsewhere, last month Morgans and Morgan Stanley responded to the company’s strong full year result by reaffirming the equivalent of buy ratings on its shares and lifting their price targets.

Morgans now has a $171.00 price target, whereas Morgan Stanley has a $175.00 price target. The latter implies potential upside of almost 11% for the Macquarie share price over the next 12 months.

Analysts at Morgans commented: “We think MQG remains well positioned to seize opportunities on the other side of COVID-19 and we maintain our ADD call with >10% TSR on a 12-month view.”

In light of the above, this may be an indication that the gains are not over for the Macquarie share price in 2021. Though, time will tell if that’s the case.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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