So my take on the downgrade is that it is in regards to exiting...

So my take on the downgrade is that it is in regards to exiting SACC + potential sale of entire branch and online loan books.

This has the potential to impact earnings or at a minimum adds some uncertainty. I would say the move to hold is just until some of that uncertainty washes out over time. IMO Bell Potter is just coving their ass as they dont really know how to predict earnings now.

Since I bought into MNY @ $0.90 I've been of the opinion that its value is north of $2.00. (c. $2.75 at the moment). I have no doubt it will get there and I dont loose any sleep over MNY.

MNY are always very conservative with thier guidance and they would have accounted for all of this. I wouldnt be suprised for MNY to excede guidance in FY18 and for Bell Potter to rerate over the next 12 months