0328 GMT - Netwealth loses its bull at Canaccord Genuity, reflecting what analyst Paul Buys tells clients was a strong recent run of upgraded analyst forecasts. Buys lowers his recommendation to hold from buy, which he says is based on the Australian wealth manager's shorter-term valuation against rather than any specific concerns. He lifts his net profit forecasts for the next three fiscal years by 5%-8% and tells clients in a note that feedback from advisers suggests that Netwealth is continuing to gain market share. He can't see any obvious near-term catalyst to disrupt Netwealth's recent positive momentum. Canaccord Genuity lifts its target price 12%. Shares are up 1.4% at A$30.32. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 22:28 ET (03:28 GMT)
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