UPDATE: BofA Securities Downgrades Futu Holdings Limited (FUTU) to Underperform
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(Updated - October 15, 2021 11:41 AM EDT)
BofA Securities analyst Emma Xu downgraded Futu Holdings Limited (NASDAQ: FUTU) from Buy to Underperform with a $66 price target (from $156) as the People’s Daily questions online brokers' compliance.
Xu highlights that The official People’s Daily published an article on its website yesterday, claiming that
cross-border online brokers, like Futu and Tiger, face regulatory risks under China’s new Personal Information Protection Law.
The firm estimates that mainland China clients represent 41% of total paying clients and 47% of revenue.
Shares of Futu Holdings Limited closed at $73.81 yesterday.
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