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<Research>BofAS Downgrades GWMOTOR to Neutral, DONGFENG GROUP to Underperform
Recommend 17 Positive 41 Negative 13 |
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BofA Securities has released a research report adjusting its TPs based on the 3Q results and sales performance of Chinese car makers. Among the car makers under its coverage, the broker believed GWMOTOR (02333.HK) and DONGFENG GROUP (00489.HK) remain relatively slow in transitioning to electric vehicles. It downgraded GWMOTOR from Buy to Neutral, while raising the TP from $13.7 to $15.4 and 2024-2026 earnings forecasts by 11%/ 10%/ 10%. In addition, the broker downgraded DONGFENG GROUP from Neutral to Underperform. It also chopped its 2024-2026 net profit forecasts for the company by 22%/ 25%/ 20% and the TP from $2.35 to $2, considering that its current valuation is too high. AAStocks Financial News |
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