Bank of America Securities analyst Emma Xu reiterated a Buy rating on Qifu Technology (QFIN – Research Report) yesterday and set a price target of $50.66.
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Emma Xu’s rating is based on Qifu Technology’s strategic financial maneuvers and promising growth outlook. The company announced a significant offering of convertible senior notes, which will fund a new share repurchase plan. This plan is expected to enhance earnings per share and mitigate potential dilution, as the company will use a cash-par conversion settlement mechanism.
Additionally, Qifu Technology’s recent strong quarterly results and positive future guidance contribute to the Buy rating. The company’s high return on equity, robust capital return, and favorable market conditions in China further support this optimistic outlook.
Xu covers the Financial sector, focusing on stocks such as Qifu Technology, Futu Holdings, and Up Fintech Holding. According to TipRanks, Xu has an average return of 24.5% and a 61.11% success rate on recommended stocks.
In another report released on March 17, Jefferies also maintained a Buy rating on the stock with a $50.00 price target.