UPDATE: JP Morgan Lowers Target to $18.30 on Noah Holdings
JP Morgan Maintains its Overweight rating on Noah Holdings (NYSE: NOAH) and cuts its target from $22 to $18.30 on softer 2012 guidance.
JP Morgan says, "Amid still relatively tight money supply and economic slowdown, management was more conservative in year beginning in its outlook. We thus trim our FY11-13E adjusted non-GAAP earnings by 3%, 13% and 12% respectively. That said, we still expect Noah to deliver 50% or more growth in 2012 after 3 years of extraordinary growth (14 times increase in 3 years). Due to lower earnings estimates, our PE-based Dec-12 PT was revised down by 17% to US$18.3, implying 17x 2013E PE."
NOAH closed at $6.14 a share on Tuesday.
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