US-listed shares of UP Fintech rise after BofA starts coverage at 'buy'

U.S.-listed shares of Chinese brokerage firm UP Fintech TIGR.O, known as Tiger Brokers, rise 3.6% to $7.93

BofA Global Research initiates TIGR coverage at "buy" with $8.66 PT, a 13.2% upside to the stock's last close

Brokerage says TIGR is a key beneficiary of the booming Asia wealth market, while its client base has been growing rapidly

Adds, the market might be underestimating TIGR's income-generating ability and cost discipline

BofA believes TIGR introducing broker business could drive further revenue upside

Four of six brokerages rate the stock "buy" and two "hold"; the median PT is $8.55 - data compiled by LSEG

TIGR stock up 22.5% YTD