Analysts raise PT for Australia's HUB24 as funds under administration grow

Hub24

18/04/2023 20:30

** Analysts at Citi and Jefferies say HUB24 Ltd's  HUB.AX 
3Q23 update was mixed, with weaker-than-expected net inflows but
funds under administration (FUA) remained strong 
    ** Co on Tuesday reported total FUA of A$76.9 bln as of
March end, up 12.6%, and platform net inflows of A$1.9 bln, down
28.6% 
    ** Analysts raise PT on co to A$33.92 (Jefferies) and
A$30.65 (Citi) 
    ** Citi says co's 3Q23 FUA were in line with brokerage's
forecast
    ** Jefferies says HUB remains on track to reach brokerage's
FY23 Platform FUA year-end target of A$63 bln 
    ** Citi upgrades FY24 earnings flow forecasts for co by 28%
to A$16.6 bln on a possible increase in underlying flows but
lowers its FY23 flow forecast from A$11.0 bln to A$10.2 bln on
weak inflows in the near term  
    ** Analysts maintain rating at "buy" (Jefferies) and
"neutral" (Citi)     
    ** Eight of 12 analysts rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is A$32.80 –
Refinitiv data
    ** Stock has risen 5.9% this year, as of last close
    

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))