Goldman Sachs analyst Timothy Zhao upgraded KE Holdings (BEKE) to Buy from Neutral with a price target of $21, up from $19, as part of a Q1 earnings preview. The share selloff since the end of January provides an attractive entry point, the analyst tells investors in a research note. The firm sees upside to earnings estimates and investment sentiment due to a recovery in KE’s existing home transactions and less new home sales decline with potential new home price turnaround in selected tier-1 cities. In addition, Goldman believes the company’s focus on operating efficiency will “unleash profitability.”
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