Australia's Netwealth extends losses on fears of protracted fund outflows

Netwealth

20/10/2023 03:46

** Shares of Netwealth Group  NWL.AX  extend losses for a
second day, falling up to 7.3% to A$12.63
    ** Stock hits lowest level since June 2 
    ** Co said On Thursday outflows of funds under management
rose Y/Y
    ** Macquarie cuts NWL's PT to A$14.20 from A$14.50, citing
below expectation custodial net inflows; rates "outperform"
    ** Brokerage sees co's gross outflows remaining elevated in
near term until new platform features are launched and adopted
    ** Four of 13 analysts rate stock "buy" or higher, 5 "hold,"
and 4 "sell" or lower; their median PT is A$14.45 - LSEG data 
    ** Stock up ~13% this year, as of last close
 
 

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))