UPDATE: Citi Upgrades FinVolution (FINV) to Buy

(Updated - March 12, 2021 5:43 AM EST)

Citi analyst Daphne Poon upgraded FinVolution (NYSE: FINV) from Neutral to Buy with a price target of $7.00 (from $5.72).

The analyst comments "Mgmt. guided for loan volume of RMB100-120bn in 2021, up 56-87% y-y, as the company can move back on the fast-growth track after undergoing successful transformation towards: 1) more prime customer segment (with avg. IRR lowered to 26.4% in 4Q20); 2) 100% wholesale funded. We see FINV is the key beneficiary from the regulatory scrutiny against BigTechs which will first cut credit for sub-prime customers who are also the target customers of FINV."

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

Shares of FinVolution closed at $8.24 yesterday.

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