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On Thursday, Jefferies analyst Zoey Zong updated the firm’s outlook on Futu Holdings Limited (NASDAQ:FUTU), raising the price target from $135.00 to $139.00 while maintaining a Buy rating. Zong’s analysis followed the company’s release of its first-quarter results, which showed revenues in line with expectations and non-GAAP earnings that were 7% higher than market predictions. The company’s strong performance is reflected in its impressive 31.6% year-over-year revenue growth and industry-leading 93% gross margin. According to InvestingPro, Futu has maintained robust financial health, with multiple positive indicators among its 10 key ProTips.
Futu, known for its digital brokerage and wealth management platform, has been experiencing strong client acquisition momentum going into the second quarter. The company’s management has reiterated its full-year guidance, expecting to add 800,000 net new funded accounts. This growth trajectory has contributed to Futu’s impressive market performance, with the stock delivering a 34.65% return year-to-date and maintaining a market capitalization of $15 billion.
In addition to its robust performance, Futu has been expanding its international presence. The company’s subsidiary Moomoo recently entered the New Zealand market, building on its resources in Australia. The move is part of Futu’s strategy to leverage its existing platforms to grow its global footprint.
The company’s foray into the cryptocurrency market is also gaining traction, with multiple product offerings currently in development. This diversification into crypto aligns with the increasing global interest in digital currencies and could provide Futu with a new revenue stream.
Furthermore, Futu unveiled its AI-powered platform, Futubull AI, in Hong Kong and has plans to roll it out in overseas markets during the second quarter. This innovation underscores Futu’s commitment to integrating technology to enhance its services and customer experience.
In her comments, Zong noted the company’s continued growth and product expansion, expressing confidence in Futu’s trajectory by maintaining the Buy rating. The raised price target reflects the analyst’s positive outlook on the company’s future performance.
In other recent news, Futu Holdings Limited reported a significant increase in its first-quarter earnings, with net income more than doubling to HK$2.14 billion ($275.4 million), up 107% from the previous year. The company’s revenue also saw an impressive rise of 81.1% year-over-year to HK$4.69 billion, although it fell slightly short of analyst estimates of HK$4.7 billion. Futu added approximately 262,000 funded accounts in the first quarter, bringing its total to 2.67 million, marking a 41.6% increase from the previous year. Total (EPA:TTEF) client assets grew by 60.2% year-over-year to HK$829.8 billion. The company experienced a surge in total trading volume, which rose 140.1% year-over-year to HK$3.22 trillion, with notable growth in both U.S. and Hong Kong stock trading volumes. Futu’s Chairman and CEO, Leaf Hua Li, expressed confidence in meeting their full-year target of 800,000 net new funded accounts in 2025. These developments highlight the company’s strong start to the year and its continued growth trajectory.
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