S&P Equity Research Downgrades China Finance Online (JRJC) to Hold
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S&P Equity Research downgrades China Finance Online (Nasdaq: JRJC) from Buy to Hold.
S&P analyst, J. Yin, says, "Our downgrade is based on valuation as shares have increased 60% in the past few weeks. We believe risks to the stock and target price have risen, based on the volatility of the Chinese stock market, which is still down 40% from its peak in Q4 '07. We think a lower stock market would make it more difficult for JRJC to attract new subscribers and forecast rising marketing costs as the company expands its services. Despite significant upside to our 12-month target price, which we keep at $29 on P/E analysis, we would not add to positions amid higher risks and potential volatility."
China Finance Online Co. Limited (CFO Hong Kong) provides online financial and listed company data and information in the People’s Republic of China. [SM]
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