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Fly News Breaks for September 5, 2019
YRD
Sep 5, 2019 | 06:28 EDT
Macquarie analyst Dexter Hsu last night downgraded Yirendai to Underperform from Neutral and halved his price target for the shares to $6 from $12. The company not only reported "disappointing" Q2 results, but also closed the merger with CreditEase on unfavorable terms, Hsu tells investors in a research note. He believes Yirendai's shifts to the loan facilitation model will be challenging, while its offline network "may become a liability." The analyst expects the company's high return on equity will not sustain amid its de-leveraging process.
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