Goldman Sachs downgraded Waterdrop (WDH) to Neutral from Buy with a price target of $2, up from $1.80. The firm cites valuation for the downgrade with the shares up 64% year-to-date. The rally has been driven by expectations of further margin expansion as Waterdrop’s revenue growth “has been muted since 2022,” the analyst tells investors in a research note.
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