Street Watchdog Research Cuts PT on 21Vianet Group (VNET) to $5
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Street Watchdog Research is out negative again on 21Vianet Group (NASDAQ: VNET) and lowered its price target to $5, suggesting another 46% downside from Thursday's close of $9.31. The firm has been negative on the stock since the low $20s.
The firm continues to point to discrepancies in its financial reporting, which in the past they reported to the SEC.
The firm highlighted: "When we looked at both of the quarterly reports for the first two quarters of 2016, the sum of total net revenues is $271 million; yet the company reports 2016 YTD total net revenues of just under $267 million for its 2016 Q2 YTD numbers. The discrepancies are not due to foreign exchange gains or losses, because the company accounts for those gains/losses as a separate line item on its Consolidated Statements of Operations. At best, the company’s financial statements are sloppy and mismanaged; at worst, they are padded or enhanced to commit outright fraud. In either case, we are lowering our price target for a third time to $5.00."
Street Watchdog Research said they remain short 21Vianet.
The full press release can be seen here.
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