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On Wednesday, UBS analysts upgraded Quilter Plc. (LSE:QLT) stock from neutral to buy. The analysts also raised the price target for the stock to £1.90 from £1.65.
The decision to upgrade the rating follows a recent visit to Quilter and its key competitors in the platform, discretionary fund management (DFM), and advised wealth management sectors. UBS analysts expressed increased confidence in the company’s outlook, particularly regarding the prospects for independent financial advisor (IFA) gross flows and a moderation in gross outflows.
UBS analysts highlighted Quilter’s investor flows, mix, and new products as positive factors. They also noted an optimistic revenue margin outlook for both the platform and Quilter Investors. The analysts anticipate Quilter generating approximately 7% net client cash flow as a percentage of assets under management and administration (AUMA) over the medium term, which is 1-2% ahead of consensus and management guidance.
The report from UBS suggests a compelling upside for Quilter, leading to the upgrade in rating and increase in the price target.
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