Goldman Sachs analyst Nick Zheng downgraded Sany Heavy to Sell from Neutral with a price target of Rmb 11.10, down from Rmb 17. The firm believes the current share price has not yet fully priced in the potential earnings downside given the firm’s call for “a synchronized year of decline globally in 2024” as well as Sany’s likely weaker earnings prospects when the cycle turns relative to the previous upcycle.
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