BUZZ - Interactive Brokers' stock rises after Wells Fargo gives an "Overweight" rating

October 2 - ** After Wells Fargo initiated coverage of Interactive Brokers Group (IBKR.O) with an "Overweight" rating and a target price of $102, the company's share price rose 3% to $88.41.

** Wells Fargo stated that IBKR's global business coverage and low-cost model give it a strong competitive advantage, helping it attract more customers.

** Wells Fargo said that IBKR continues to grow rapidly, with the number of customer accounts and the scale of customer assets both increasing 35% year-on-year in August.

** IBKR expects the number of live accounts to reach 9.3 million by 2028.

** The stock currently trades at 27.73 times the expected earnings per share over the next 12 months, far above the industry median of 10.67 times.

** Out of 16 brokers, 12 rate the stock as "Buy" or higher, and 4 give it a "Hold" rating; the median target price is $108.50—data compiled by LSEG.

** IBKR has risen 37.5% so far this year.

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