Netwealth Shakes Bear Loose After Stronger 2Q -- Market Talk

Dow Jones

01-23

0024 GMT - Netwealth shakes loose its bear at Citi on a stronger-than-expected second quarter. Analyst Siraj Ahmed raises his recommendation on the Australian wealth manager to neutral from sell, telling clients in a note that net custodial inflows of A$4.4 billion were 19% ahead of his forecast. On an underlying basis, flows were 5% stronger than he had anticipated. Ahmed raises his net flow forecasts, helping drive Ebitda forecast increases of 2% for fiscal 2025, 5% for fiscal 2026, and 6% for fiscal 2027. Citi lifts its target price by 6.2% to A$30.70. Shares are up 4.0% at A$30.58. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

January 22, 2025 19:24 ET (00:24 GMT)

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