UP Fintech price target raised to $11.13 from $9.28 at BofA

BofA raised the firm’s price target on UP Fintech (TIGR) to $11.13 from $9.28 and keeps a Buy rating on the shares. Ahead of the company’s Q2 report, the firm forecasts a 21% sequential decline in new funded clients; 15% quarter-on-quarter growth in total client assets; annual trading velocity to further rise from 20x in Q1 to 21x in Q2, and; interest income to grow 10% quarter-over-quarter. The firm reiterated its Buy rating on the stock for the company’s robust client and assets under management growth, as well as improving profitability.