Priya PatelTLDR:
– Citi lowered UP Fintech stock target to $6.22 from $8.01 but maintains Buy rating.
– UP Fintech reported a significant decline in non-GAAP net profit for the fourth quarter.
In a recent update, Citi revised its stance on UP Fintech Holding Ltd. by reducing the stock price target to $6.22 from $8.01, although the firm still maintains a Buy rating on the stock. This revision follows UP Fintech’s fourth-quarter report, which showed a substantial decrease in non-GAAP net profit. The online brokerage firm reported a 93% decline in non-GAAP net profit from the previous quarter and a 77% drop year-over-year. Despite these setbacks, UP Fintech reported positive developments with an increase in new paying customers and ambitious goals for 2024.
