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<Research Report>JPM Slashes GANFENGLITHIUM (01772.HK) TP to $130, Rating Overweight
GANFENGLITHIUM (01772.HK) guided the 2022 net profit after tax to reach RMB18-22 billion, reported JPMorgan. The guidance mid-point, however, fell short of both the broker's estimate and market consensus.
As such, the broker chopped the 2022-23E earnings for GANFENGLITHIUM by 5% and 6%, respectively, while keeping the 2024 forecasts largely unchanged. The target price for the stock was axed from $153 to $130, with its rating kept at Overweight.
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