UPDATE: CLSA Downgrades Futu Holdings Limited (FUTU) to Outperform (2)

(Updated - November 26, 2021 4:34 AM EST)

CLSA analyst Ethan Wang downgraded Futu Holdings Limited (NASDAQ: FUTU) from Buy (1) to Outperform (2) with a price target of $64.00 (from $110.00).

The analyst comments "Though Chinese regulators have been pressuring Futu since Oct, its 3Q21 results were already showing some cracks—client assets are declining despite heavy spending on customer acquisition. We expect a soft landing from regulatory uncertainty with Mainland users turning away from Futu in a gradual manner; slower growth is inevitable. China is committed to opening up but only in a controlled way. We lower our target price from US$110 to US$64 and downgrade our rating from BUY 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 $54.45 yesterday.

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