HUB24 (ASX:HUB) delivered a "strong" fiscal first half underlying net profit after tax growth of 60% compared to a year earlier, materially beating estimates, helped by record platform inflows and funds under management, according to a Thursday Jefferies note.

The company reported Thursday fiscal first-half underlying earnings of AU$0.829 per share, up from AU$0.51 a year earlier. Analysts polled by FactSet expected earnings of AU$0.76.

The investment firm said that despite elevated investment expenditure, operating leverage remains evident with earnings before interest, taxes, depreciation, and amortization (EBITDA) margins expanding.

Jefferies kept a hold rating on HUB24 and increased its price target to AU$104 from AU$99.50.