Berenberg slightly raises target price on Quilter

17th Oct 2024 16:03

(Sharecast News) - Analysts at Berenberg slightly raised their target price on wealth management firm Quilter from 135.0p to 140.0p on Thursday, stating Q3 had been "a stellar quarter" for flows.

Quilter released its Q3 update on 16 October, with shares reacting positively on the day as the business said it had continued to grow its client assets, with assets under management and administration reaching roughly £116.0bn at period-end.

Q3 saw Quilter's highest net inflow figure for the past three years, with management highlighting that these inflows came in what was traditionally the slower summer quarter.

"We expect Quilter to continue to generate solid levels of flows, with the platform business - in particular - performing well," said Berenberg, which reiterated its 'hold' rating on the stock. "However, we await clarity on the outcome of the ongoing advice evidence review."

Reporting by Iain Gilbert at Sharecast.com