Futu Holdings price target raised to $90 from $80.20 at BofA

BofA raised the firm’s price target on Futu Holdings to $90 from $80.20 and keeps a Buy rating on the shares. Futu had already guided positively on Q3 previously and the potential asset reallocation into stock markets following the Fed rate cut and the recent Hong Kong and China market rally could further boost client asset inflows and trading activities, the analyst tells investors. The firm adjusted Futu FY24-26 earnings estimates to reflect higher client assets, higher trading velocity, as well as larger and faster Fed rate cuts and lifted the target P/E multiple given the positive policy surprise and potentially more coordinated policy easing in China.