Interactive Brokers climbs after Wells Fargo starts coverage with 'overweight'

** Shares of Interactive Brokers Group IBKR.O rise 3% to $88.41 after Wells Fargo initiates coverage with an "overweight" rating and a PT of $102

** IBKR’s global reach and low-cost model give it a strong competitive advantage, helping it attract more customers - Wells Fargo

** Says IBKR is continuing to grow rapidly, with customer accounts and customer assets each up 35% Y/Y in August

** IBKR expects funded accounts to reach 9.3 mln by 2028

** Stock trading at 27.73 times expected EPS over the next 12 months, well above the industry median of 10.67

** 12 of 16 brokerages rate the stock "buy" or higher and 4 "hold"; median PT is $108.50 - data compiled by LSEG

** IBKR up 37.5% YTD