2348 GMT - The prospects of a transitional year at L1 Group keeps Bell Potter neutral on the stock despite what analyst Marcus Barnard says is a fantastic track record of growth. Barnard writes in a note that funds brought to the business through L1's merger with Platinum Asset Management will continue to experience outflows in FY 2026, which supports his forecast of relatively flat funds under management across the year. He thinks that growth will resume in FY 2027. A multiple of 22 times forward earnings looks high for a mid-merger asset manager but investors are buying into management's strong track record, he says. Bell Potter raises its target price 11% to A$1.00 and keeps a hold rating on the stock, which is up 1.4% at A$1.09. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

January 15, 2026 18:48 ET (23:48 GMT)

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