BEKE - KE Holdings stock rises as Citigroup initiates coverage with Buy rating

KE Holdings (NYSE:BEKE) stock climbed over 9% Tuesday after Citigroup initiated coverage on the Chinese real estate firm with a Buy rating. The brokerage set BEKE's price target at $22.50, implying ~42% upside to its last close. In a note to clients, analyst Harry Chen said BEKE will likely be an early gainer from a rebound in housing sales from May due to policy support. This is because of BEKE's largest offline agent network (21% of nationwide total in Q1) through 45.8K stores and its "unparalleled" online platform Beike (40M MAU). "Antitrust concerns are alleviated by top-level supportive tone and self-inspection," Chen added. Citigroup's rating on BEKE is in-line with Wall Street analysts' Buy rating (6 rate BEKE Strong Buy, 6 Buy, 3 Hold). But SA Quant's rating on BEKE is Hold as the firm scored poorly on profitability, valuation and growth. BEKE stock fell 12.3% YTD and 64.4% in the last 1

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KE Holdings stock rises as Citigroup initiates coverage with Buy rating