UPDATE: Goldman Sachs Downgrades OneConnect Financial (OCFT) to Neutral

(updating comment)

Goldman Sachs analyst Bill Liu downgraded OneConnect Financial (NYSE: OCFT) from Buy to Neutral with a price target of $13.30.

Liu steps aside following earnings citing the lower premium customer ARPU growth estimate.

The analyst comments "Since we initiated OCFT at Buy on January 7 2020, it’s up 9% vs. 4% for S&P 500. While we view OCFT as well-placed to capture the technology-as-a-service (TaaS) opportunity at Chinese financial institutions, we see limited upside (2.5%) from its current price and hence downgrade the shares to Neutral (from Buy). However, increasing adoption of digital business management tools and cloud-based solutions by financial institutions could lead to long-term opportunities."

For an analyst ratings summary and ratings history on OneConnect Financial click here. For more ratings news on OneConnect Financial click here.

Shares of OneConnect Financial closed at $12.75 yesterday.

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• UBS Reiterates Buy Rating on NVIDIA (NVDA), Expects Q2 Revenue Beat
• VICI Properties closes $1.75B senior unsecured notes offering