Piper Sandler initiates Forge Global with 'neutral'

Forge Global Holdings

22/11/2022 17:42

** Piper Sandler starts coverage of San Francisco-based
private securities marketplace Forge Global Holdings Inc
 FRGE.N  with "neutral" rating; sets PT of $1.75 
    ** PT implies an upside of ~20% on last close 
    ** Says FRGE has been significantly underperforming
financial stock indices and overall market, but is positioned
well for long-term 
    ** Adds private market activity levels to remain subdued in
the short to medium term
    ** Brokerage finds FRGE's total addressable market size to
be in the range of ~$8 billion currently, with room to grow to
~$13 billion in the next five years 
    ** FRGE debuted the markets early this year through  $2 bln
SPAC deal, opening at a high, before dealmaking activity saw a
dry out with interest rate hikes and raging inflation 
    ** Co is currently down ~1.4% at $1.44 - Refinitiv IBES 
    ** YTD, the stock is down ~85% including session moves 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))