eToro (ETOR) has received a new Buy rating, initiated by Compass Point analyst, Ed Engel.
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Ed Engel has given his Buy rating due to a combination of factors, primarily focusing on eToro’s market position and potential for growth. Despite a recent decline in stock value, Engel believes that eToro was unfairly penalized after a slowdown in user activity over the summer. He anticipates a rebound in activity, particularly as European markets have shown signs of recovery, which could lead to better-than-expected third-quarter results.
Additionally, Engel highlights eToro’s competitive edge in offering a diverse range of products, including digital assets and derivatives, which are more aligned with U.S. eBrokers than with regional European competitors. eToro’s technological advancements and extensive international reach are seen as attractive features that could appeal to brokers focused on U.S. and Asian markets. The firm’s ability to offer localized products in numerous countries further strengthens its position, making it a compelling investment opportunity.
In another report released on October 6, Goldman Sachs also maintained a Buy rating on the stock with a $60.00 price target.