Futu Holdings downgraded to Neutral at JPMorgan after ‘weak’ Q4 report

As previously reported, JPMorgan downgraded Futu Holdings to Neutral from Overweight with a price target of $62, down from $64, after the company reported “weak” Q4 results. While noting that the share price corrected 14% yesterday, the firm believes the current price is “fair” and upside is limited until Futu can show a record of monetizing overseas expansion and product diversification, the analyst tells investors in a post-earnings note. The firm has revised down 2024-26 earnings estimates by 9%, 7% and 10%, respectively, the analyst noted.