Goldman Sachs downgraded KE Holdings (BEKE) to Neutral from Buy with a price target of $19, up from $18.60. The firm said it is awaiting better visibility into property market stabilization for an entry point into buying the shares, adding that it views valuation as largely fair post the recent rally. The firm added that it could be more constructive on the stock following a greater rebound of secondary home transaction volume; further demand support policies; improved profitability of the core home transaction business; re-acceleration of new initiative revenue growth and sustained profitability, and; stepped-up shareholder returns.
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