HUB broke out to fresh highs on Monday, closing up 2.8% following a broker upgrade to BUY from UBS, with a $105 PT. They think HUB is best positioned to win in the investment platform space, underpinned by growth in Managed Accounts. Interestingly, Citi and Jarden cut the stock to neutral and underweight, respectively, following the stock’s stellar advance – we agree with UBS fundamentally, but the near doubling of the share price since liberation day means it’s valuation is now extended, and it’s hard to imagine the stock pushing through $100 without supporting news – we will hear HUB’s Q4 update on the 15th of this month and FY25 result on the 19th of August.
- We can see HUB consolidating its recent gains having almost doubled from its April low: MM is long HUB in its Active Growth Portfolio, with a 5% current weighting.
MM is considering trimming our HUB position
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