UBS Analysts Who Predicted Evergrande Rout See Another 40% Drop
- Evergrande price target cut to HK$3.5 by banks’ analysts
- S&P reduced Evergrande credit ratings following other agencies
The China Evergrande Centre in Hong Kong.
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UBS Group AG analysts who correctly predicted in January that China Evergrande Group’s stock would lose more than half its value now say the selloff has a lot further to run.
The Swiss bank slashed its 12-month target price to HK$3.5 ($0.45) from HK$6 while maintaining a sell rating, according to a research report led by analyst John Lam. The new target is 40% lower than Evergrande’s closing price on Monday.