Lufax price target lowered to $2.75 from $5.22 at BofA

BofA lowered the firm’s price target on Lufax to $2.75 from $5.22 and keeps a Neutral rating on the shares. Lufax’s Q2 profit before tax turned negative again and given the net loss in the first half, Lufax declared no interim dividend, noted the analyst. Despite prolonged weak profitability, the firm reiterates a Neutral rating given the “depressed valuation and strong cash position,” adding that Ping An Group’s general offer price of $2.254 could provide a floor to the near-term share price.