CLSA Upgrades Futu Holdings Limited (FUTU) to Outperform (2)

March 18, 2024 3:24 AM EDT
Get Alerts FUTU Hot Sheet
Price: $80.41 +3.38%

Rating Summary:
    8 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 14 | Down: 13 | New: 8
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(Updated - March 18, 2024 4:43 AM EDT)

CLSA analyst Hu Shen upgraded Futu Holdings Limited (NASDAQ: FUTU) from Underperform (4) to Outperform (2) with a price target of $65.00 (from $50.00).

The analyst comments "Futu corrected 16% after the 2023 NP result, which was 3% lower vs consensus but in line with our estimate. A further correction could be possible in the near term, but we still view the growth potential in the mid- to long term as promising. In 4Q23, we see encouraging client asset inflows and falling CAC. Futu guided for robust growth of 19% in the paying client number in 2024. In our view, overseas expansion is still a key growth driver. We adjust our estimates, lift our target price from US$50 to US$65 and upgrade from U-PF to O-PF."

For an analyst ratings summary and ratings history on Futu Holdings Limited click here. For more ratings news on Futu Holdings Limited click here.

Shares of Futu Holdings Limited closed at $54.25 yesterday.

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