Piper Sandler analyst Patrick Moley raised estimates for Interactive Brokers Group, Inc. (NASDAQ: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 ETF (NYSE:RUFF) and IShares Focused Value Factor ETF (NYSE:FOVL).

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

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Courtesy of Interactive Brokers Group, Inc.