Morgan Stanley Downgrades Lufax Holding Ltd (LU) to Equalweight
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Morgan Stanley analyst Richard Xu downgraded Lufax Holding Ltd (NYSE: LU) from Overweight to Equalweight with a price target of $1.52 (from $7.00).
The analyst comments "While regulatory uncertainty is largely behind us, we expect weak credit demand and credit risk to persist in 2023 given the macro environment. We believe QFIN and Bairong are better positioned to weather the storm than Lufax, where visibility on profits is lower."
Shares of Lufax Holding Ltd closed at $1.86 yesterday.
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