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美银重申对富途的买入评级,并将目标价从129.5美元提升至143.6美元

BofA Reiterates "Buy" Rating for Futu, Raises Target Price from $129.5 to $143.6

Futu News ·  Mar 15 07:53  · Ratings

Bank of America has raised its earnings forecast for Futu for 2025-26 by 9-11% and increased the target price from $129.5 to $143.60. The bank reaffirms its "Buy" rating for Futu, citing the company's diversified market risk, strong growth in customer base and assets under management, as well as encouraging developments in overseas markets and new products. BofA expects FUTU to report solid sequential growth and highlights the following points:

  1. Futu acquired 215k new paying clients in 4Q24, up 39% QoQ/262% YoY. Futu guided 800k new paying clients in 2025, excluding new markets (if any). It saw robust growth outlook for new markets like Malaysia/Japan and see further upside from relatively mature markets like HK/Singapore.

  2. Both HK and US markets remained very active in 1Q25. Futu guided that retail investors remained highly engaged despite sharp correction of the US market in the near term, and doesn't expect significant decline in trading activities unless in a protracted market decline.

  3. Futu hasn't utilized any of the quota so far under the outstanding USD 500mn share buyback program, which will expire by the end of 2025. It believes new markets and new business lines are still in a fast growth stage, and there will be ample room for it to deploy capital into these areas, which will enhance its competitive edge and profitability. Meanwhile, it also noticed some shareholders care much about cash dividends, so it will re-evaluate its dividend payout policies when FY25 completes.

Price Objective Risk:

  • Upside risks: better-than-expected capital market condition, lower-than-expected competition, and faster-than-expected client growth.

  • Downside risks: stricter-than-expected regulations, large US/HK market correction and intensified competition.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.