As previously reported, Susquehanna analyst James Friedman upgraded eToro (ETOR) to Positive from Neutral with a price target of $55, up from $50, following what the firm calls “another very strong fundamental quarter.” Despite sharp upward revisions to the firm’s estimates, the firm notes that shares are below its target multiple, trade at a sharp discount to peers, are below the IPO price, and are down about 50% from the peak. eToro is demonstrating growth may be more durable than its valuation may suggest, the analyst tells investors.
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