Netwealth Shares Already Reflect Strong Flows -- Market Talk

Dow Jones10-11

0352 GMT - Netwealth's upbeat commentary and better-than-expected September-quarter fund flows are already fairly captured by the Australian wealth manager's share price, Bell Potter analyst Hayden Nicholson writes in a note. Netwealth's net flows of A$3.9 billion were about 8% stronger than Nicholson had anticipated, and he now expects momentum to accelerate. He acknowledges the company's confidence around the outlook for the full year, as well as improved technological and customer-experience capabilities, but keeps a hold rating on the stock. He lifts his target price 8.8% to A$26.00. Shares are up 1.4% at A$27.53. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

October 10, 2024 23:52 ET (03:52 GMT)

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