Chinese companies are looking overseas for growth. Morgan Stanley says this is the stock to play the trend

A U.S.-listed Chinese company that makes most of its money overseas could soar more than 75%, according to Morgan Stanley's newly updated forecasts. Asia equity analyst Yang Liu and a team not only raised their price target on Tuya by 50 cents to $3.50 last Tuesday, but on Thursday issued a separate note saying they expect the beaten-down shares of the Chinese company to "rise in absolute terms over the next 60 days.

" More than 80% of Tuya's revenue comes from outside of China, while the domestic market's growth has slowed, the company said on last week's earnings call, according to a FactSet transcript. Management noted that Europe is Tuya's largest market at just over one-third of total revenue, followed by Asia Pacific. Latin America accounts for nearly 15% of revenue, the company said.

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