Street Watchdog Research Cuts PT on 21Vianet Group (VNET) to $5
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- Pre-Open Stock Movers 01/19: (CSX) (OCLR) (NFLX) Higher; (AMDA) (DRYS) (RCII) Lower (more...)
- Herbalife's (HLF) Debt Package News Seen as 'Enormous Positive' at Pivotal Research
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Short Sales, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!