UPDATE: Morgan Stanley Starts Tuya Inc (TUYA) at Overweight as Dominant IoT Supplier to OEMs

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(Updated - April 12, 2021 6:54 AM EDT)

Morgan Stanley analyst Yang Liu initiates coverage on Tuya Inc (NYSE: TUYA) with a Overweight rating and a price target of $26.00 on the belief that the company's easy-to-use solution enables home appliance brands/OEMs to apply Internet-of-Things (IoT) technology to their products with low hurdle, low cost,
and fast time-to-market.

The analyst stated "Tuya's first-mover advantage, distinctive end-to-end solution, strong value proposition, and vibrant developer ecosystem stand out amid competitors. Tuya is recognized by nearly all the world-class home appliance brands, and it has become the de facto industry standard. In addition to a wide lead in deployment volume, its high net promoter score ("NPS," at 75) and its high dollar-based net expansion rate
(>180% in 2019-20) also demonstrate its leading industry position."

For an analyst ratings summary and ratings history on Tuya Inc click here. For more ratings news on Tuya Inc click here.

Shares of Tuya Inc closed at $22.27 yesterday.

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