Morgan Stanley starts coverage on Australia's Netwealth & HUB24 with 'overweight'

Hub24

11/01/2024 24:06

** Analysts at Morgan Stanley say Australian investment
platforms Netwealth  NWL.AX  and Hub24  HUB.AX  have been
successful at disrupting legacy incumbents like AMP  AMP.AX  
    ** Brokerage sets price target for NWL and HUB at A$17.50
and A$41.00, respectively; rates both stocks as "Overweight" 
    ** Says both platforms have lifted their market share as
financial advisors move to independent models from vertically
integrated players, and this trend is expected to continue
    ** HUB shares rise as much as 1.7%, hitting a record high of
A$36.550, while NWL gains as much as 3.1%.
    ** Five of 14 analysts rate HUB "Buy" or higher, 8 "Hold"
and one "Sell". Their median PT is A$35.08– LSEG data
        ** For NWL, five analysts rate "buy" or higher, four
"hold" and four "sell" or lower, with a median PT of A$14.44
    ** NWL had risen 27.3% while HUB climbed 35.4% last year



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))