Lone Pop Mart Bear Analyst Defies Rally by Cutting Price Target

The only analyst with a sell-equivalent rating on Pop Mart International Group Ltd. has lowered her price target, defying a rally in the stock as a tug-of-war between bulls and bears on the hotly debated Chinese toymaker intensifies.

Bernstein’s Melinda Hu cut her price target to HK$181 ($23) from HK$225 after the shares surged 23% last week. The rally appears driven more by tactical catalysts and buyback headlines than by any fundamental change in the company’s trajectory, she said, warning of downside risks tied to Pop Mart’s sales drive abroad.