OneConnect Financial (OCFT) PT Raised to $7 at Citi

Citi analyst Judy Zhang raised the price target on OneConnect Financial (NYSE: OCFT) to $7.00 (from $6.98) while maintaining a Buy rating.

The analyst commented, "We revise up our non-IFRS earnings estimates slightly for 2024E/25E/26E to Rmb6mn/Rmb53mn/Rmb136mn to factor in a likely sizable one-off gain from PAOB divestment in 2024E and mgmt. target to potentially breakeven in 2024E. Accordingly, we fine-tune our DCF-derived TP from US$6.98 to US$7.00, implying a 2026E target P/E of 14.5x. Maintain Buy on what we consider over-penalized valuation."

You May Also Be Interested In

• Stellantis NV (STLA) PT Lowered to $7.50 at Freedom Broker
• Sun Pharmaceutical Industries Ltd. (SUNP:IN) PT Raised to INR2,150 at Kotak
• BJ's Restaurants (BJRI) PT Raised to $80 at Benchmark