Goldman Sachs raised the firm's price target on UP Fintech to $4.73 from $4.15 and keeps a Sell rating on the shares. The company reported a revenue and net profit beat in Q3, largely attributed to higher-than-expected assets under management per paying client, the analyst tells investors. The firm has a cautious stance on the company's earnings outlook for the following reasons: client acquisition continued to slow; recent downturn in the Hong Kong market and increased volatility in the U.S. market; trading velocity fell; and the anticipation of more Fed rate cuts coming.
