Australia's HUB24 soars on record quarterly platform inflows; Citi hikes PT

Hub24

21/01/2025 01:04

(Updates share moves, adds analyst comments)
    ** Shares of HUB24  HUB.AX  up 13.1% at A$73.78
    ** Stock rises as much as 15.2% earlier in the day to hit
its highest level since Dec. 10
    ** 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 at
Dec. 31, up 33% from a year earlier
    ** Citi says inflows stronger than expected, FUA beats Citi
estimates by 3%
    ** Citi hikes TP by 1% to A$74.50, maintains "neutral"
rating
    ** Brokerage upgrades net flow forecasts for FY25 by 8% to
A$18.8 bln; hikes EBITDA estimates by 2% and 3% for FY25 and
FY26, respectively
    ** HUB24 stock has risen more than 6% this year, including
day's move

($1 = 1.5931 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))