JMP Securities analyst Devin Ryan reiterated a Buy rating on Forge Global Holdings (FRGE – Research Report) yesterday and set a price target of $7.00.
Devin Ryan of JMP Securities has given a Buy rating to Forge Global Holdings, Inc. (FRGE) due to a mix of factors. Firstly, Ryan notes that Forge Global’s 3Q23 results were largely in line with expectations, demonstrating an encouraging trend for the company. Despite the challenging environment, the company’s revenues increased by 10% quarter over quarter and were slightly above consensus. Additionally, management expressed cautious optimism for the future.
Secondly, Ryan highlights that Forge Global is showing signs of improvement as it navigates a particularly difficult market backdrop. The bid-ask spreads have narrowed, and valuations have begun to level off. While the recovery is dependent on broader macroeconomic conditions, Ryan believes in the strong secular trends supporting the private market and Forge Global’s leading position within it. This, coupled with the company’s positioning in a growing and unsaturated market, leads Ryan to believe in a significant opportunity for patient investors. This outlook is reflected in the reiterated Market Outperform rating and $7 price target.
According to TipRanks, Ryan is a 5-star analyst with an average return of 13.0% and a 59.31% success rate. Ryan covers the Financial sector, focusing on stocks such as LPL Financial, Goldman Sachs Group, and Capital Southwest.
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Forge Global Holdings (FRGE) Company Description:
Motive Capital Corp is a blank check company.
