0040 GMT - Netwealth's growth in funds under administration looks priced in at the stock's current valuation, says Bell Potter analyst Hayden Nicholson. He tells clients in a note that the 3.9% rise in funds under administration between Sept. 30 and Nov. 18 largely involved an acceleration in net fund flows. This reflects the catch-up of transitioning client accounts and balances, he says. He acknowledges the wealth manager's confidence in its full-year outlook but makes no changes to his funds-under-administration or EPS forecasts. Target price rises 6.9% to A$27.80 on the healthy near-term outlook, but Bell Potter keeps a hold rating on the stock. Shares are down 0.5% at A$29.43. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 19:40 ET (00:40 GMT)
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