JPMorgan downgraded China Yongda Automobiles to Neutral from Overweight with a HK$3.50 price target. The analyst worries that a weak pricing environment will drag down the company’s bottom line in the second half of 2023 to nearly record-low new car sales margins. It recommends taking profit and will revisits the stock when pricing improves more meaningfully.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>