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Fly News Breaks for January 21, 2020
Jan 21, 2020 | 07:48 EDT
Morgan Stanley analyst John Cai downgraded Yirendai to Underweight from Equal Weight with a price target of $5.50, down from $15.50. He cut his 2020 earnings estimates for Yirendai by 78% given the lack of clarity and greater business model uncertainty amid heavy offline operations. Peer to peer, or P2P, loan balances in China have fallen at an accelerated pace, which he sees as a trend that is likely to continue in 2020, Cai tells investors.
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