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Fly News Breaks for January 21, 2020
Jan 21, 2020 | 14:49 EDT
As previously reported, Morgan Stanley analyst John Cai downgraded Qudian to Equal Weight from Overweight with a price target of $3.80, down from $12.00, following the company's announcement on January 16 that it was withdrawing its 2019 net profit guidance due to further restrictions on loan collection practices and more stringent user data privacy rules. He cut his earnings forecasts by over 60% each for 2020 and 2021 as he attempts to forecast both the known risk of rising delinquencies and the company's strategy of deleveraging, Cai noted.
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