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Citigroup Upgrades Best Inc. Rating and Lowers Price Target; Shares Jump 4%

CapitalWatch Staff 2018-11-19 14:54 PM
Citigroup Upgrades Best Inc. Rating and Lowers Price Target; Shares Jump 4%

The shares of Best Inc. (NYSE: BSTI) jumped 4 percent to $11.71 per American depositary share Friday afternoon after Citigroup raised it recommendation to "buy" from "neutral."

Despite the positive upgrade, the bank cut its price target of the Alibaba-backed Chinese supply chain servicer by 7 cents to $13.24 per ADS.

Citigroup said its prior downgrade of the company was based on a formula error, according to a StreetInsider.com article.

In its quarterly financials released earlier this month, Best reported its net loss narrowed 24 percent to $54.1 million and revenue increased 54 percent to $797.7 million thanks to strong growth across all segments of Best&`#`39;s business.

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The stock of Best Inc. was trading at $11.71 per ADS, up 4 percent intraday Friday.

(Source: Thomson Reuters Eikon)