Futu Holdings downgraded to Neutral at Credit Suisse after 140% rally off lows

As previously reported, Credit Suisse analyst Charles Zhou downgraded Futu Holdings to Neutral from Outperform with a price target of $64, up from $61. The statement by the PCAOB is a "positive sign" that "signals a success of the collaboration" between U.S. and China regulators and reduces the delisting risk for Chinese ADRs, but this was "well expected by the market," Zhou said. Meanwhile, most investors appreciate the strong earnings outlook of Futu, but are concerned about limited near-term upside following the 140% rally from the low point seen on October 24, Zhou added.