Fly News Breaks for October 3, 2019
Oct 3, 2019 | 06:46 EDT
Citi analyst Daphne Poon downgraded Yirendai (YRD) to Sell from Neutral with a price target of $6.10, down from $13.90. The analyst views the company's asset quality and growth outlook as "more challenging" as the China economy slows. Poon expects further divergence among the China online lenders as industry penetration rises and regulatory scrutiny increases. The analyst's top pick in the space is PPDAI Group (PPDF).
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