KC - Why Kingsoft Cloud Holdings Stock Leaped 20% Higher Today
2023-06-01 18:05:23 ET
Changes in analyst sentiment toward companies don't always move their stock prices. At times, though, they can exert a significant influence. That seemed to be the case on Thursday with Kingsoft Cloud Holdings (NASDAQ: KC) .
The Chinese tech stock was the target of a recommendation upgrade from an ever-influential investment bank; as a result, the price of its American Depositary Receipts (ADRs) shot almost 20% higher on the day.
The upgrading party was storied white-shoe investment bank Goldman Sachs . That company's Timothy Zhao pushed up his Kingsoft recommendation one peg; it's now neutral, where previously Zhao ranked it as a sell. Additionally, he set his price target at $4.50 per ADR.
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Why Kingsoft Cloud Holdings Stock Leaped 20% Higher Today