UBS analyst May Yan downgraded Yirendai to Sell from Neutral with a price target of $3.70, down from $9.20. Following the regulatory signal to accelerate peer-to-peer clean-up, Yiren Digital's peer-to-peer funded loan volume shrank substantially in December 2019, Yan tells investors in a research note. As such, the analyst thinks sustainability of the company's peer-to-peer funding is "highly questionable.. Given Yirendai's "much slower-than-peers" progress in transitioning into institutional funding, Yan expects its loan growth outlook in the near term to be severely constrained by its funding sources.