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.
The stock of Best Inc. was trading at $11.71 per ADS, up 4 percent intraday Friday.
(Source: Thomson Reuters Eikon)