UPDATE: Brean Capital Downgrades 58.com Inc (WUBA) to Hold
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(Updated - November 11, 2016 10:25 AM EST)
Brean Capital downgraded 58.com Inc (NYSE: WUBA) from Buy to Hold and removed its price target. The downgraded followed the release of Q3 results.
Analyst Fawne Jiang said, "WUBA reported mixed 3Q16 results with revenue missing and bottom line ahead of consensus expectations. The company provided soft 4Q16 revenue guidance largely attributable to the slowdown of its housing category as a result of government’s recently tightened regulations on China’s real estate market. While we remain believers in the long term story with WUBA’s market leading position in classified ads and its multi-category play, we see increasing headwinds with its overall growth given its large exposure to housing (~45% of total). Uncertainties on when/at what level if restrictive policies may lighten up are adding incremental risks to its next 12 month growth outlook."
Shares of 58.com Inc closed at $33.35 yesterday.
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