Respected private wealth management firm Ord Minnett has upgraded financial services platform Hub24 Ltd (ASX: HUB) to buy from hold after the release of strong March quarter results.
Ord Minnett has revised its price target on the stock from $11.00 to $11.85 – Hub24 shares have been steadily on the up for the last year, with an April 23 close of $10.66, up 121% from its $4.82 share price at this time last year.
The March quarter results were Hub24’s second strongest ever, with Ord Minnett impressed the company had started off the year so strongly and existing forecasts supported by customers already using the company’s platform and new wins on the cards.
Credit Suisse last week rated Hub24 as outperform maintaining a $12.80 price target on the stock.
Hub24 has recently expanded its distribution team to include two former Colonial First State executives as it works to strengthen relationships with licensee clients.
Peer Netwealth Group Ltd (ASX: NWL) is yet to attract the same interest from notable brokers, but software up-and-coming companies like Bravura Solutions Ltd (ASX: BVS) and Xero Limited (ASX: XRO) are starting to make a name for themselves with the two latter in 52-week high territory of late.