Nomura Assumes, Downgrades SouFun Holdings (SFUN) to Reduce
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Nomur assumes and downgraded SouFun Holdings (NYSE: SFUN) from Buy to Reduce with a price target of $3.03 (from $6.79).
Analyst Elly Chen commented, "We assume coverage of Soufun and downgrade it to Reduce from Buy, given the difficulties in its new businesses, and uncertainties from property market regulations and correction. We cut our FY17F/18F non-GAAP net profit by 30%/42% to factor in a decline in its new businesses. Our lowered TP of USD3.03 (from USD6.79), based on DCF, assumes a 10.5% WACC and 2.5% terminal growth rate (both unchanged). Key upside risks include possible privatisation and company share repurchases."
Shares of SouFun Holdings closed at $4.58 yesterday.
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