Piper Sandler Analyst Bullish On Interactive Brokers, Sees 26% Account Growth in 2024 - Interactive Broke

　　Piper Sandler analyst Patrick Moley raised estimates for Interactive Brokers Group, Inc.IBKR following its second-quarter FY24 results yesterday.

　　Interactive Brokers reported quarterly sales of $1.29 billion, which beat the analyst consensus estimate of $1.262 billion and EPS of $1.76, surpassing the analyst consensus estimate of $1.74.

　　Moley writes that management indicated they are in the process of onboarding “a couple dozen” new IB relationships, which he anticipates will support ongoing account growth within their long-term target range of 20%-25%.

　　The analyst is currently projecting annualized account growth of approximately 26% in FY24 and 23% in FY25.

　　The analyst increased EPS estimates from $6.62 to $6.75 in FY24 and $6.42 to $6.61 in FY25.

　　The analyst maintains a positive outlook on IBKR shares, seeing the company well-positioned to capitalize on ongoing global expansion in retail trading.

　　Piper analyst maintained an Overweight rating with a price target of $140.

　　Meanwhile, Barclays upped the price target to $147 from $145 and reiterated the Overweight rating.

　　Investors can gain exposure to the stock via Alpha Dog ETFRUFF and IShares Focused Value Factor ETF FOVL.

　　Price Action: IBKR shares are down 1.14% at $122.25 at the last check Wednesday.