HUB ended the day 2.7% lower, a rare day of underperformance for this top-performing platform provider. While it’s hard to argue with the trend here, and higher prices seem likely, even after its 16% gain in 2024, a few months of consolidation feels overdue. As we’ve said in the last few notes on HUB we do believe it gets harder from here in their traditional business lines, however, there is scope for them to pivot/expand into other areas of financial management, something they have alluded to in the past.
- We can now see HUB rotating in the $38-$45 region over the coming months.
MM is neutral toward HUB around $41.50
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