UPDATE: Goldman Sachs Downgrades Yum China Holdings (YUMC) to Buy
- Dow reaches all-time high on commodity surge; S&P, Nasdaq drop
- Dogecoin Sees 'Sell the News' Reaction to Musk's SNL Appearance, as 'Hustle' Comment is Weighed Against Launch 'To the Moon'
- Alphabet (GOOGL) and Facebook (FB) Downgraded to 'Neutral' at Citi as Decelerating Growth Is Not Bullish for Multiples
- Elliott Management has stake in Duke Energy (DUK) - WSJ
- Ethereum (ETH) Soars Above $4,000 to Print Fresh Record Highs
Goldman Sachs analyst Michelle Cheng downgraded Yum China Holdings (NYSE: YUMC) from Conviction Buy to Buy with a price target of $70.00.
The analyst comments "...we believe YUMC could continue to benefit from the SSSG recovery on top of its solid cost control. The recent Ching Ming holiday data suggested -9% vs 2019 level or a 145% yoy increase. While inflation remains a key focus for investors, we believe its solid execution track record in the past, strong relationships with upstream suppliers, and product innovation capabilities should help mitigate the potential risks. With strong lower-tier cities penetration upside especially for the KFC brand and stabilized Pizza Hut contribution, we maintain our BUY rating with a 12m SoTP-based TP of US$70/HK$541 (H-share). But we remove the stock from our Conviction List after the YTD outperformance as other stocks now offer higher upside from here."
Shares of Yum China Holdings closed at $60.10 yesterday.
You May Also Be Interested In
- Cronos Group (CRON:CN) (CRON) PT Lowered to Cdn$9 at Cowen
- Singapore Exchange (SGX:SP ) (SPXCY) PT Lowered to SGD10.30 at Goldman Sachs
- GDI Integrated Facility Services Inc. (GDI:CN) (GDIFF) PT Raised to Cdn$75 at Stifel Canada
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesGoldman Sachs Conviction Buy List, Goldman Sachs
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!