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Fly News Breaks for October 23, 2019
UXIN
Oct 23, 2019 | 10:47 EDT
JPMorgan analyst Alex Yao earlier today downgraded Uxin to Neutral from Overweight with a price target of $2.30, down from $6. The stock in morning trading is down 2% to $2.68. The divestiture of Uxin's loan facilitation business, while reducing the company's financial risk exposure, will potentially delay its path to profitability by up to six quarters, Yao tells investors in a research note. Since the company's initial public offering, Uxin has been continuously reshaping its business structure, adds the analyst. Yao is concerned that Uxin will continue to face challenges and uncertainties given the "weak" market environment. He expects the share price to be under pressure in the near term.
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