HUB24 (ASX:HUB) is on track to reach its fiscal 2027 platform funds under administration target of between AU$148 billion and AU$162 billion, supported by ongoing net inflow momentum and structural

industry trends, Jefferies said in a Tuesday note.

It stands to benefit from the continued migration of financial advisers from incumbent, traditional wealth managers to independent licenses. It increased its market share to 9.3%, up from 7.9% year-over-year, the largest quarterly and annual market share gains among all platform providers.

The firm recorded a strong fiscal 2026 second quarter, with net inflows of AU$5.6 billion, a new record, and up from the AU$5.5 billion it reported in the prior-year period. Its custody funds under administration came in at AU$128 billion, up 5% on the previous fiscal quarter, and jumping 29% year-over-year.

The investment firm upgraded its rating on HUB24 to hold from underperform and raised its price target to AU$99.50 per share from AU$98.40 per share.