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Fly News Breaks for May 29, 2018
YRD
May 29, 2018 | 06:23 EDT
Needham analyst Mayank Tandon lowered his price target on Yirendai to $35 after its "mixed" results, saying that while loan volume grew despite the challenging macro conditions, profitability was weighed down by a provision expense. The analyst cites a rise in loan delinquency industry-wide impacting the wider than expected provision loss. Tandon keeps his Buy rating longer term, noting that the company can still perform with "strengthening competitive position, continued execution, and momentum in online channels", but warns that macro conditions and regulatory uncertainty will produce headwinds for the remainder of the year.
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