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Fly News Breaks for May 22, 2018
QD
May 22, 2018 | 07:45 EDT
Needham analyst Mayank Tandon lowered his price target on Qudian to $13 to reflect the slump in shares after its Q1 results. The analyst believes however that the sell off, which is "likely related to the softness in the core cash business and the departure of two directors, appears overdone" given that the fundamentals of the business remain "intact". Tandon keeps his Buy rating on Qudian, noting that its auto financing business is ramping up and offsetting the cash credit performance with the sale of over 6.6K cars so far, which is "largely on track" with his estimates.
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