Goldman Sachs analyst Shuo Yang double downgraded ICBC to Sell from Buy with a price target of Rmb 12.09, down from Rmb 18.93. The analyst cites a worsening balance sheet, the company’s larger exposure to local government debt versus peers and further losses from bank credit portfolios for the downgrade.
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>>
See today’s best-performing stocks on TipRanks >>
Read More on IDCBY: