How much upside does Macquarie tip for A2 Milk shares after its FY25 result?

A2 Milk Company Ltd (ASX: A2M) shares have been racing higher this week.

The catalyst for this has been the release of the infant formula company’s full year results.

Let’s see what Macquarie Group Ltd (ASX: MQG) is saying about the results.

What did Macquarie say?

…