0113 GMT - Navigator Global Investments' sale of an equity stake in Invictus Capital prompts little reaction from its bull at Macquarie. The transaction will generate initial proceeds of at least US$40 million for the Australian alternative-asset manager. However, a note from one of the investment bank's analysts highlights how hard it is to assess the full value of a broader transaction that includes earnouts, two continuing income streams related to Invictus, and a remaining ownership stake that will generate earnings through FY 2031. Macquarie keeps an outperform rating on the stock and a target price of 3.24 Australian dollars. Shares are down 0.4% at A$2.46.
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