Yum China Holdings (YUMC) PT Raised to $68.70 at Jefferies Following Q4 Preview

Jefferies analyst Anne Ling raised the price target on Yum China Holdings (NYSE: YUMC) to $68.70 (from $63.10) while maintaining a Buy rating after a Q4 preview.

The analyst commented, "We expect YUMC to report USD284m restaurant profit for 4Q20 with -4% of SSSG for both KFC and PH. Post C-19, we believe promotions will continue due to lower raw material costs and to gain more traffic. As a leading industry player we believe YUMCis able to navigate such a market environment. PT raised to USD68.7 on earnings upgrade with lower SSS trend offset by margin improvement and FX gain. We also introduce coverage on 9987 HK, PT HKD532.4, Buy rated."

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