0412 GMT - Netwealth's positive 3Q update isn't enough to turn Bell Potter analyst Hayden Nicholson bullish on the stock. Despite healthy signs, he tells clients that any value on offer dissipated with the recent sharp recovery in shares of the wealth-platform operator. Nonetheless, Nicholson sees things to like in the Australian company's latest update. He points out that the negative impact of market volatility on funds under administration was less bad than feared, demonstrating a broader asset allocation. He also calls attention to positive momentum in average net account additions. Bell Potter raises its target price on the stock by 2.3% to A$26.40 and maintains a hold rating. Shares are down 5.0% at A$25.05. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 11, 2025 00:12 ET (04:12 GMT)
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