UPDATE: BofA Securities Downgrades Futu Holdings Limited (FUTU) to Underperform

October 15, 2021 11:38 AM EDT
Get Alerts FUTU Hot Sheet
Price: $52.94 +0.99%

Rating Summary:
    5 Buy, 4 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 12 | New: 20
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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.

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 $73.81 yesterday.

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