(Sharecast News) - Berenberg hiked its price target on AJ Bell on Tuesday to 370p from 300p, as it said resilient flows continue.
The bank noted that shares in the company rose around 3% on the day of its second-quarter trading update on 20 April.
"The business's client assets grew during the quarter, with assets under administration (AuA) reaching circa £74bn," it said.
"AJ Bell also continues to generate resilient levels of net inflows across both its adviser and D2C (direct to consumer) platform businesses, despite an uncertain market environment.
"On the back of the recent results, we refresh our forecasts and expect the business to continue to deliver top-line growth and a high operating margin."
Berenberg maintained its 'hold' rating on the shares, pointing out that AJ Bell trades at a premium to platform peers.
AJ Bell (AJB)
