Citi upgrades So-Young to Buy on clinic momentum

Citi upgraded So-Young (SY) to Buy from Neutral with a price target of $5.50, up from 80c. The firm also opened an “upside 90-day catalyst watch” on the shares into the Q2 report. Citi believes SoYoung Clinic, which has expanded to 31 centers in Beijing, Shanghai, and Shenzhen, could ramp further in June, driving upside to estimates. The analyst cites So-Young’s increasing procurement pricing power and omni-channel advantage for light medical aesthetic services for the upgrade.