KSHTY - JPMorgan downgrades Chinese internet stocks on geopolitical risks
JP Morgan in its latest equity research report downgraded 28 coverage stocks in China Internet to Neutral or Underweight; Kuaishou (OTCPK:KSHTY) is the only stock with Overweight rating. The analysis is based on lack of valuation support in the near term, China's geopolitical risks, macro recovery and internet regulation risk. Meituan (OTCPK:MPNGF) -16% was downgraded to underweight from overweight and the stock is trading close to its 52-week low levels of $13.50. Meanwhile, NetEase (NASDAQ:NTES) -9.7% was lowered to underweight from overweight and the stock is trading close to its 52-week low levels of $68.62. Trip.com (NASDAQ:TCOM) -12.5% was downgraded to Neutral from Overweight; 52-week low stands at $14.29 while 52-week high is at $45.19. Dada Nexus (NASDAQ:DADA) -28% and Hello (NASDAQ:MOMO) -29% was downgraded to neutral from overweight; in Q4, DADA beat its EPS and revenue estimates. Huya (NYSE:HUYA) -7.5%, OneConnect (NYSE:OCFT) -5.2% and Douyu (NASDAQ:DOYU) -12.3% was downgraded to underweight from neutral; all the stocks are trading close to its 52-week low levels.
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JPMorgan downgrades Chinese internet stocks on geopolitical risks