Noah Holdings price target lowered to $10 from $11 at UBS

UBS lowered the firm’s price target on Noah Holdings (NOAH) to $10 from $11 and keeps a Neutral rating on the shares. The price target reduction reflects higher provision expenses and ongoing sentiment overhang, the analyst tells investors in a research note. While contingent liabilities may weigh on market sentiment in the near term, a dividend yield of 16% and Rmb5.0B in cash and short-term investments provide downside protection, the firm adds.