Susquehanna Starts E-House (China) (EJ) with a Positive Rating
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Susquehanna Financial initiates coverage on E-House (China) Holdings Limited (NYSE: EJ) with a Positive rating, citing valuation.
The firm said, "Recent dramatic sell-offs have aligned E-House's valuation with those of its U.S. peers, which have depressed valuations resulting from fears of a potential U.S. recession. Strategic partnerships with major developers through an underwriting model, while increasing capital investment, should nonetheless prove to be a sustainable advantage. Chinese home ownership is in a secular growth phase. E-House has only ~1% of China's callow property market, versus ~4% market share commanded by its U.S. peers. We recommend investors buy this Chinese growth stock while it is still at a U.S. recession price."
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