It has been a tough year for ASX financials stock HUB24 Ltd (ASX: HUB).
Year to date, its share price is down over 15%.
For comparison, the S&P/ASX 200 Index (ASX: XJO) has climbed just over 1% in the same period.
However, this ASX financials stock closed last week with a strong 6% gain on Friday, which could be the beginning of a rebound for HUB24 shares.
The team at Bell Potter has retained its buy recommendation on this ASX financials stock and laid out the potential for a big return in the next 12 months.
Here's what the broker had to say.

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Quarter update
Hub24 is a diversified financial services business. The company's core platform segment develops and provides an administrative services platform to financial advisers, stockbrokers, accountants, and their clients.
Bell Potter updated its financial model after a strong June quarter for global investment markets.
Since HUB24's platform fees are linked to the value of client investments, stronger markets increase funds under administration (FUA) and future revenue expectations.
Bell Potter slightly increased its FUA forecasts for FY2026–FY2028 but left earnings per share (EPS) forecasts unchanged.
Strong Recovery in Global Markets
After a weak start earlier in the year, global share markets rebounded strongly and reached new record highs.
The biggest gains came from the US, while Europe also performed well.
Australia's market rose but lagged behind most major markets, with the ASX 200 gaining 3.5% over the quarter.
What does this mean for this ASX financials stock?
Bell Potter expects HUB24 to report around $4.1 billion of net new client inflows for the quarter, plus $6.3 billion from investment market gains.
Together, these factors should lift total funds under administration. If quarterly inflows are closer to $5 billion, it would signal that growth has returned to its previous pace and could be positive for the share price.
Based on this update, Bell Potter has retained its buy recommendation and $110 price target on this ASX financials stock.
From Friday's closing price of just over $81, this indicates an upside potential of almost 36%.
Our Buy recommendation is unchanged. While lumpy, the company delivered record net adviser additions and consistent new distribution agreements, providing material growth runway, and guidance is de-risked through mark-to-markets.
The share price has fallen -32% from the November peak, despite earnings upgrades and further positive adjustments still yet to flow through.