Tuya initiated with a Buy at Jefferies

Jefferies initiated coverage of Tuya (TUYA) with a Buy rating and $3.49 price target Tuya is the world’s largest third-party consumer IoT enabler, connecting 800M smart devices and serving over 5,000 clients, the analyst tells investors. The firm lists platform-neutrality, a “deep tech stack” and compliance credentials as “key strengths,” adding that Tuya shares are “attractively valued.”