2141 GMT - Wealth-management platform provider Netwealth is upgraded to buy, from hold, by Jefferies after its shares fell by roughly 1/3 over the past six months. Analyst Simon Fitzgerald attributes that stock weakness to Netwealth's exposure to the collapse of the First Guardian Master Fund and its agreement to compensate members in full. "In our view, the First Guardian collapse is an isolated event that has resulted in a buying opportunity in Netwealth," Jefferies says. Netwealth now trades on a price-to-earnings discount of 31% to listed rival Hub24. "This is despite robust new business momentum, as evidenced by 2Q net inflows of A$4.1 billion (second-highest on record)," Jefferies says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

January 22, 2026 16:42 ET (21:42 GMT)

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