Market Overview

UPDATE: Bank of America Downgrades E-House to Underperform; Relative valuation unattractive

Related EJ
Midday Losers From Wednesday, August 27
Earnings Scheduled For August 20, 2014
Time to Play China's Semi-Hot Real-Estate Market? (Fox Business)

Bank of America downgraded its rating on E-House (NYSE: EJ) from Buy to Underperform and lowered its price objective from $7 to $4.30.

Bank of America noted, "[I]n view of the heightened policy risks (e.g. with the State Council asking local governments to cancel fine tuning policies lately), the risk reward profile of the stock does not look too attractive in our view. We downgrade the stock to UPF, with a new PO of US$4.3/shr, which is based on 10x FY13E Non-GAAP P/E. (was 14x FY12E P/E)."

E-House closed at $5.23 on Monday.

Posted-In: Bank of AmericaAnalyst Color Downgrades Intraday Update Analyst Ratings


Related Articles (EJ)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters