UPDATE: Benchmark Downgrades TAL International (TAL) to Hold
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
Benchmark analyst Bill Sutherland downgraded TAL International (NYSE: TAL) from Buy to Hold.
The analyst comments "Along with our sector downgrade, we are downgrading TAL from Buy to Hold. We expect the Opinions on Further Alleviating the Burden of Homework and After- School Tutoring for Students in Compulsory Education (the Opinion) released by China government over the weekend will have a profound impact on in the AST industry and adversely change the course of the operation and the financial outlook of the industry participants. We acknowledge there is salvage value in TAL stock. TAL, with its large cash balance, operating efficiency, and its capacity and capability to pivot into permissible new businesses will, likely make it a survivor. However, it is clear we are entering uncharted territory with substantial moving parts. Our downgrade reflects our limited visibility of the industry landscape post the reset, on top of the uncertain timeline as to how long it will take for the dust to settle. As such, we have decided to step to the sidelines."
Shares of TAL International closed at $6.00 yesterday.
You May Also Be Interested In
- UPDATE: Jefferies Downgrades Las Vegas Sands (LVS) to Hold
- Hennes & Mauritz AB (HMB:SS) (HNNMY) PT Lowered to SEK185 at Morgan Stanley
- AP Moller Maersk (MAERSKB:DC) (AMKBY) PT Raised to DKK22,559 at Credit Suisse
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!