Citi analyst Lydia Ling downgraded RLX Technology (RLX) to Neutral from Buy with a price target of $2.50, down from $2.80, following the Q4 report. The firm is concerned about the “evolving” regulatory changes and pricing pressure from an unfavorable product mix shift towards puff products in the vaping industry. The analyst expects growth momentum of RLX’s overseas business to be adversely impacted by the shift.
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