Goldman Sachs analyst Olivia Xu downgraded China MeiDong Auto to Neutral from Buy with a price target of HK$11, down from HK$24. The firm notes an increasing dealership discount in China following Tesla’s (TSLA) pricing cut in January and argues that Meidong’s relatively low exposure to aftersales makes it less resilient to a volatile pricing environment and vehicle pricing competition headwinds.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
