Citi upbeat on Aussie wealth platforms after second-best Q3 in 10 years

Hub24

12/01/2025 23:21

** Analysts at Citi are upbeat on Australian wealth
platforms after the sector recorded its second-best September
quarter for Platforms in ten years as incumbents see better
flows
    ** Brokerage says September 2024 quarter saw A$7.3 billion 
($4.48 billion) of net flow into the Australian Platform
industry vs. -A$4.4 billion of outflows a year earlier 
    ** Citi, however, slightly lowers earnings expectations for 
financial services platforms HUB24  HUB.AX  and Netwealth
 NWL.AX  because of negative market movement in December
    ** Citi cuts HUB's PT by 2% to A$73.80, maintains 'neutral'
rating
    ** Citi downgrades to 'sell' rating for NWL; says stock is
over-valued compared with its growth potential



($1 = 1.6281 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))