JPMorgan reiterates 'underweight' on Hargreaves Lansdown

The bank said temporary cash revenues can't replace lack of growth.

"In our view, the investment case for wealth platforms rests on strong assets and customer growth over time, supported by secular tailwinds," it said.

"Hargreaves Lansdown has been displaying a negative trend in both of these variables for some time, with a concerningly steep slowdown in 2H22.

"Despite a positive earnings per share revision triggered by the expectation of higher cash revenues, 4Q results suggest, in our view, that the headwinds (competition and negative momentum) at HL are even stronger than what we initially expected."

At 1015 BST, HL shares were up 1.9% at 967.60p.