EQT's takeover proposal for Perpetual should support the Australian investment manager's share price even if it doesn't lead to an eventual deal, Citi analyst Nigel Pittaway suggests. He acknowledges that EQT has a checkered history of completing deals in Australia and isn't confident that it or any of its the private-equity peers will make an enhanced offer, but tells clients in a note that the approach validates Perpetual. This alone is likely to provide some near-term support for the ASX-listed stock, Pittaway says. Citi has a neutral rating and a target price of 17.00 Australian dollars on the stock, which is down 0.6% at A$17.99. (stuart.condie@wsj.com)