Interactive Brokers’ Strong Q2 Results Excite Analysts and Bulls

Piper Sandler analyst Patrick Moley has raised estimates for Interactive Brokers Group, Inc. (IBKR) after the company’s second-quarter FY24 results were released. Surpassing analyst expectations, Interactive Brokers reported quarterly sales of $1.29 billion and an EPS of $1.76, higher than the consensus estimates. According to Moley, the company is in the process of adding new IB relationships, which he believes will contribute to continuous growth within their target range of 20%-25%. Moley predicts an annualized account growth of around 26% in FY24 and 23% in FY25. As a result, he increased the EPS estimates for FY24 and FY25.

The analyst remains optimistic about the prospects of IBKR shares, stating that the company is well-positioned to benefit from the global expansion in retail trading. Piper Sandler maintains an Overweight rating for IBKR with a price target of $140, while Barclays also raised its price target to $147 from $145, reiterating an Overweight rating for the stock. Investors interested in gaining exposure to Interactive Brokers Group, Inc. can consider investing in exchange-traded funds such as Alpha Dog ETF RUFF and iShares Focused Value Factor ETF FOVL. Despite IBKR shares being down 1.14% at $122.25 at the last check on Wednesday, the overall sentiment appears to be somewhat bullish for the company’s future growth potential based on analyst projections and ratings.