Futu Holdings (NASDAQ:FUTU) saw a rise of over 9% in its stock price on Tuesday after BofA Securities upgraded its rating from Underperform to Buy. The bank also increased its price target for the stock to $62.82 from $32.15.

The upgrade was prompted by BofA’s increased optimism regarding the stock. They highlighted the stabilization of China’s regulations, along with the current sentiment and valuation being at a low point. Positive advancements in Hong Kong and international markets further supported the upgrade.

Consequently, BofA adjusted its projected earnings per share (EPS) for the years 2023-2025, with increases ranging from 7% to 24%. The target price-to-earnings ratio (P/E) was also modified, shifting from 8x to 14x. Despite the adjustment, the P/E remains below the midpoint of the trading range, reflecting recent regulatory tightening in China.

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