Australia's Hub24 rises on stronger quarterly performance, Citi sees FY35 earnings upgrades

Hub24

15/10/2024 02:14

(Updates with Citi note)
    ** Shares of Hub24  HUB.AX  rise as much as 1.7% to
A$64.500, set for their best trading day since early October
    ** Investment banking services provider recorded quarterly
platform net inflows of A$4.0 bln ($2.69 bln), up 44% vs
previous corresponding period (pcp)
    ** Co says total funds under administration reached A$113.0
bln as of Sept 30, up 37% vs pcp
    ** Adds it remains confident in meeting FY26 platform funds
under administration target of A$115-123 billion
    ** Analysts at Citi see potential for low single digit
consensus earnings upgrades in FY25 estimates
    ** Brokerage maintains target price of A$56.70/shr and
"neutral" stock rating
    ** Stock up 76.2% YTD, as of last close


($1 = 1.4870 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))