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UBS upgrades KE Holdings to Buy on fading margin concerns

UBS upgraded KE Holdings (BEKE) to Buy from Neutral with a price target of $23, up from $22.10, following the Q1 report. The company’s margins bottomed in Q4 and its home renovation business is turning around faster than expected, the analyst tells investors in a research note. UBS now sees more valuation upside in KE with the shares below its price target The firm cites less concern on the company’s margins for the upgrade.

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