2358 GMT - Australian funds administrator Generation Development Group's long growth runway and leading value proposition clinch the stock an overweight rating at Morgan Stanley. The investment bank's analysts initiate coverage of the stock, telling clients that GDG has similarities to superannuation-platform operator Hub24, albeit at a much earlier point in its lifecycle. GDG looks well positioned for inclusion in Australia's ASX 300 index, which would improve its visibility and inclusion in portfolios. Hub24 is in the more prestigious S&P/ASX 200 benchmark index and places among the top 100 stocks by market capitalization. MS places an A$4.75 target price on GDG shares, which are up 0.8% at A$3.83. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 10, 2024 18:58 ET (23:58 GMT)
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