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Fly News Breaks for August 29, 2018
YRD
Aug 29, 2018 | 14:12 EDT
Needham analyst Mayank Tandon downgraded Yirendai to Hold from Buy after the company reported "soft" Q2 results with both EPS and revenue missing the firm's estimates. Additionally, Yirendai stopped giving guidance and suspended its dividend, citing "uncertainty stemming from a challenging operating environment for online lenders in China." These disappointing results and the lack of clarity going forward are the catalysts for Tandon's downgrade of the shares to Hold.
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