UBS analyst Alex Kramm initiated coverage of Forge Global with a Neutral rating and $1.75 price target. The stock represents a play on the structural growth in the secondary trading of private company shares and while activity is down 58% year to date in 2022, he expects its long-term volumes to grow at an outsized clip of about 20% per year, the analyst tells investors in a research note. Kramm adds however that with the timing of a near-term volume recovery highly uncertain, a neutral stance is appropriate.
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