** Retail trading platform eToro Group's <ETOR.O> shares rise 3.30% to $70.78 premarket
** At least seven brokerages start coverage of Israel-based ETOR as the mandatory quiet period ends, with broadly bullish views albeit with some risks
** Israel-based ETOR and some existing shareholders raised $620 million through an upsized IPO in May, selling 11.92 million shares at $52 each
** ETOR shares surged 34% above their offer price in last month's Nasdaq debut, opening at $69.69, compared to their $52 IPO price
** "While we see substantial long-term growth opportunities via ETOR's highly differentiated and appealing social trading & investing platform, we also see some risks to this growth from rising competition and any changes in pace of adoption of its social investing platform globally, and in the future, in the U.S." - Deutsche Bank
** Goldman Sachs, UBS, Jefferies and Citigroup led a 16-firm underwriting syndicate for the offering
** Below are some of the ratings and price targets on ETOR
Brokerage | Rating | Price Target |
Citigroup | Neutral | $72 |
Deutsche Bank | Hold | $70 |
KBW | Market Perform | $65 |
Mizuho | Outperform | $80 |
TD Cowen | Buy | $80 |
Needham | Buy | $80 |
Susquehanna | Neutral | $70 |
(Reporting by Joel Jose in Bengaluru)
((JoelJose@thomsonreuters.com))