Futu Holdings price target lowered to $77.60 from $81.20 at BofA

BofA lowered the firm’s price target on Futu Holdings to $77.60 from $81.20 and keeps a Buy rating on the shares. Shares are down nearly 30% from the mid-May high due to corrections in the Hong Kong and U.S. stock markets, rising concerns about a U.S. recession that could hurt client activities and weigh on overall revenue and rising expectations of rate cuts which could drag on net interest income, the analyst tells investors in a research note. BofA is factoring in one more rate cut in September and says the stock has priced in a bearish scenario.