Citi analyst Daphne Poon downgraded Noah Holdings to Neutral from Buy, citing her belief that Noah could be more vulnerable than other financial companies in China to the novel coronavirus outbreak given its high-touch and offline-heavy distribution model and the fact that most of its High Net Worth Individual clients are entrepreneurs and business owners who are facing a tough time in their own operations due to the outbreak. While she believes Noah's product transformation will unlock greater scale upside in the long-term, it is undermining its differentiation and puts it in more direct competition with banks and brokers, added Poon. She set a new price target of $38.40 on Noah shares.