Up 110% in 12 months: Why this ASX 200 stock can keep flying

Let's see what Bell Potter is saying about this high-flyer.

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Hub24 Ltd (ASX: HUB) shares have been very strong performers over the past 12 months.

During this time, the ASX 200 stock has risen by a whopping 110%.

This means that the investment platform provider's shares are now up a remarkable 675% over the past five years.

Can this run continue? Let's see what analysts at Bell Potter are saying about this high-quality stock.

What is the broker saying about this ASX 200 stock?

According to a note released this morning, Bell Potter was impressed with the company's performance during the fourth quarter of FY 2025.

It highlights that its fund inflows came in ahead of expectations and that its outlook is positive due to its strong pipeline of opportunities. Bell Potter said:

HUB has released a solid 4Q25 update – reporting platform net flows of +$5.3bn which came in modestly ahead of expectations (BPe +$4.8bn) with +$1.2bn in migrated FUA marking EQT completion and contributing to the result. This exceeded April guidance of +$0.9bn and played out further than the market performance. On a normalised basis monthly run-rate was consistent with the strong exit rate implied from 3Q25 – showing some acceleration in net flows despite what was likely a subdued start to early 4Q25 (due to market volatility).

For us, this was the key takeaway – momentum was steady, and the company continues to highlight a strong pipeline of opportunities. To that end, the normalised beat was driven by stronger inflows, while outflows were in-line with our expectation and improved using seasonal trends – indicating better retention.

In light of the above, the broker has upgraded its expectations for the year ahead. It adds:

We raise our FY26e net flow forecasts to +$14.6bn, aligning with the upper end of guidance for +$11-15bn and incorporate -$1.5bn in outflows from planned closure of MDA services by Mar'26. HUB likes to beat and is benefitting from strong super contributions, so the next natural catalyst would be growing out of FY26e guidance.

Valuation increased

The note reveals that Bell Potter has retained its buy rating on the ASX 200 stock with an improved price target of $115.00 (from $100.00).

Based on its current share price of $98.96, this implies potential upside of just over 16% for investors over the next 12 months.

So, despite more than doubling in value since this time last year, it seems that the gains may not be over for this market darling.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Hub24. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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