UPDATE: BofA Securities Starts Futu Holdings Limited (FUTU) at Buy
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BofA Securities analyst Emma Xu initiates coverage on Futu Holdings Limited (NASDAQ: FUTU) with a Buy rating and a price target of $195.00.
The analyst comments "We initiate coverage of Futu at Buy. Futu is a well-rounded online financial services platform, providing trading, wealth management, market data and information, social collaboration and corporate services. It primarily serves mainland China/HK population’s investment demand in HK/US markets, and is expanding into more countries (Singapore, US). We like the company given 1) its fast-growing client base and large addressable market (number of paying clients grew at 95% CAGR in 2016-20 to 517k, but only accounted for 4.3% of its 11.9mn users or 1.9% of our estimated near-term potential clients); 2) significant operating leverage from cross-selling and economies of scale; 3) leading technology from first-mover advantage, Tencent’s support and continued R&D investments; 4) social community increased user engagement and stickiness, likely to replicate the success of East Money; and 5) upside from US self-clearing system in the near term and wealth management platform in the medium term."
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 $144.33 yesterday.
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