Citi sees softer fund inflow for Australia’s Netwealth Group (ASX:NWL) given macro uncertainty and lower re-margin.

Brokerage retains ‘neutral’ rating for the company and maintains target price at A$14.

Citi forecasts FY23 revenue margin of 33.5bps and FY24 revenue margin of 33.0bps.

The brokerage also forecasts FY24 flows of A$10.2 billion ($6.85 billion) for NWL.

Netwealth Group had previously reported an 87.5% surge in net inflows to A$3.15 billion in the fourth quarter from the previous quarter.

Four of 14 analysts rate the stock ‘buy’ or higher, seven ‘hold’, and three ‘sell’ or lower; their median PT is A$14.0.

The stock has risen 25.3% this year, as of last close.

Netwealth Group Ltd is an Australian financial services company that provides investment management services.