UPDATE: Credit Suisse Lowers E-commerce China Dangdang's PT
According to a research report published this morning, Credit Suisse has lowered E-commerce China Dangdang's (NYSE: DANG) PT from $10.40 to $9.60.
Credit Suisse said, "According to iFeng, Dangdang has removed its block from eTao's search spider recently to collect product reviews from the website. We believe this move is due to Dangdang's recent co-operation with Taobao. Since April, Dangdang and GOME's partnership has been aggressive in 3C product pricing with launch of four rounds of promotional activities. According to Ycweb, both Dangdang and GOME have provided RMB100 mn subsidy to consumers already.
Credit Suisse maintains its Neutral rating on Dangdang, which closed Friday at $7.08.
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