0502 GMT - Citi sees good value in both Hub24 and Netwealth following the selloff in shares of both Australian wealth platforms. Analyst Siraj Ahmed acknowledges that his decision to raise the recommendation on both companies to buy from neutral could be a little early given the potential for further market weakness and downgrades in funds under administration. However, he sees fees generated by clients' higher cash balances softening the revenue impact of any softness. He tells clients in a note that he expects structural growth to continue. Citi cuts its target price on Netwealth by 14% to A$26.50 and Hub24 by 16% to A$71.50. Netwealth is down 1.4% at A$22.80; Hub24 falls 3.6% to A$57.11. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 09, 2025 01:03 ET (05:03 GMT)
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