UP Fintech initiated with a Buy at BofA

BofA initiated coverage of UP Fintech (TIGR) with a Buy rating and $8.86 price target The company is a “key beneficiary” of the “booming” Asia wealth market, the analyst tells investors in a research note. The firm says UP offers competitive products and services in the key markets, while its business model has high operating leverage. The company is introducing a broker business which could drive further revenue upside, contends BofA.