Citi downgrades Futu, says shares due for ‘breather’

Citi analyst Judy Zhang downgraded Futu Holdings (FUTU) to Neutral from Buy with a price target of $95, up from $79. The company reported solid Q3 results on strong U.S. trading and announced a special dividend, but the shares are due for a “breather” after the recent rally, the analyst tells investors in a research note. The firm says Futu has previously relied exclusively on share buybacks for shareholder returns.