HK analyst maintains 'sell' call on Geely
Sanford C Bernstein & Co's Robin Zhu reiterates 12-month target price of HK$7.50, implying a 57% drop for the stock
Shanghai
IT takes a strong stomach to be bearish on Geely Automobile Holdings Ltd. Just ask Robin Zhu. The Hong Kong-based Sanford C Bernstein & Co analyst has advised investors to avoid Geely since August 2015, a span where the share price has soared more than 500 per cent.
The owner of Volvo cars is the world's best-performing car stock this year and one of the most highly valued, trading at 26 times profit. Among more than 30 analysts tracked by Bloomberg, Janet Lewis at Macquarie Group Ltd has the only other "underperform" rating.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
EV automakers get reprieve in US tax credit rules
Abu Dhabi hub carrier Etihad adds banks to US$1 billion IPO
Luminar to cut nearly 20% jobs as part of restructuring
Chinese share of French EV market slumps after incentives curbed
Ferrari unveils US$423,000 sports car with 1960s bloodline
Airbus called for compensation to take on money-losing Spirit operations: sources