UPDATE: JP Morgan Reiterates Overweight Rating, Lowers PT on Ambow Education
In a report published earlier today, J.P. Morgan reiterated its Overweight rating on Ambow Education Holding Ltd. (NYSE: AMBO), but lowered its price target from $11.10 to $9.00.
In the report, J.P. Morgan stated, “Ambow reported weaker results and provided lower 2012 guidance due to the announced accounting changes and Ambow's plan to shift from distributor model to agency model in career enhancement segment. After assets disposals, delays of 20-F filings, departure of CFO, and internal investigations, we expect investors to stay cautious on Ambow for the next few quarters. Maintain OW due to low valuation with Dec-12 PT of US$9.”
Shares of Ambow Education were trading at $3.78 at the time of posting, up 1.34% from Thursday's market close.
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