Australia's Hub24 extends gains after quarterly results exceed expectations

Hub24

22/01/2025 02:30

** Shares of Hub24  HUB.AX  rise 5.3% to A$76.24, extending
gains from previous session 
    ** Stock is the third-biggest gainer in the benchmark
S&P/ASX 200 index  .AXJO  
    ** The investment platform provider posts record quarterly
platform net inflows of A$5.5 bln ($3.45 bln) for Q2
    ** Total funds under administration (FUA) A$120.9 bln, as of
Dec. 31, up 33% from a year earlier
    ** Jefferies says that co's FUA growth shows ongoing
strength, fueled by record platform net inflows
    ** EQT transition on track with A$1.5bn migrated in 2Q,
remaining FUA to move in 2H25 - Morgan Stanley
    ** Jefferies keeps "underperform" rating, raises price
target to A$61.85; Morgan Stanley holds "overweight" stance, at
price target at A$71
    ** Stock rose as much as 5.6% earlier in the day, marking
its highest level since Dec 9, 2024
    ** Five of 17 analysts rate the stock "buy" or higher, 9 as
"hold" and three as "sell" or lower; their median PT is A$71 –
LSEG data
    ** Stock last year almost doubled in value gaining 93.4%

    ($1 = 1.5972 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))