Accelerating earnings growth should drive shares of Futu Holdings higher, according to Morgan Stanley.
The investment bank upgraded the fintech stock to overweight from equal weight and raised its price target by $45 to $115. That reflects around 29% upside from Friday's close. "It's still early-stage, but the accelerating franchise expansion in Singapore this year gives us more confidence factoring bigger overseas growth potential into our model," analyst Chiyao Huang said in a recent note to clients.
mountain FUTU, year-to-date Shares rose more than 2% in the premarket on Monday following the call. That would add to the massive rally seen this year, as the stock has gained around 63%.
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