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<Research>CMS Downgrades WUXI APPTEC (02359.HK) to Neutral, Trims TP to $38
Recommend 5 Positive 14 Negative 3 |
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WUXI APPTEC (02359.HK)'s 1Q24 total revenue fell by 11% YoY to about RMB8 billion, worse than CMS' expectation of a low-single-digit to mid-single-digit decline, missing the market's expectation of a 6% YoY decrease, CMS issued a research report saying. CMS lowered its FY2024/ FY2025 earnings forecasts for WUXI APPTEC by 5%/ 9% each, and trimmed its target price from $40 to $38, with rating downgraded to Neutral. CMS added that its FY2024/ FY2025 revenue forecasts for the Company are 6% and 22% lower than the market's expectations, and expected that the market will lower its revenue forecasts in the future. AAStocks Financial News |
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