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home / news releases / TUYA - Tuya gets post-earnings upgrade at BofA

TUYA - Tuya gets post-earnings upgrade at BofA

Tuya Inc. American Depositary Shares each representing one Class A
After reporting strong Q1 results yesterday, the company's first print since the IPO, BofA upgrades Tuya (TUYA) from Neutral to Buy but lowers the price objective from $25 to $22.Analyst Emerson Chan notes that Q1 revenue and gross profit margin came in above expectations as did the Q2 guidance.Chan: "Longer term, we see further GPM expansion as it has yet to reach operating leverage at scale, with upside driven by chip node migration from 40nm to 22nm, which is on-track to undergo transition in 2022, according to Tuya."Tuya shares are up 6.2% pre-market to $18.Background: The IoT software company went public in March.

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Tuya gets post-earnings upgrade at BofA
Stock Information
Company Name: Tuya Inc. American Depositary Shares each representing one Class A
Stock Symbol: TUYA
Market: NYSE
Website: tuya.com
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