BofA Securities analyst Emma Xu lowered the price target on UP Fintech Holding Limited (NASDAQ: TIGR) to $9.96 (from $12.40) while maintaining a Buy rating.

The analyst comments "We cut our 2026E GAAP EPS by 45% and 2027-28E EPS by 9-13% to incorporate the proposed RMB411mn regulatory penalty (expected to be recognized in 1Q26, in line with peer practice), declined profitability in the mainland China segment due to regulatory tightening (see our: online broker regulatory tightening report), and revised Fed rate expectations. We also roll forward our valuation base from 2026E to 2027E and reduce our target GAAP P/E multiple to 14.0x (from 16.0x), reflecting increased uncertainty in the market and competitive landscape, with the new multiple sitting slightly below the mid-point of the historical trading range. As a result, we lower our PO by 20% to USD9.96. We reiterate our Buy rating on Tiger, supported by its geographic diversification, strong underlying client and AUM growth trajectory, a clearer regulatory backdrop, and attractive valuation (7.2x 2027E even after the EPS cut)."