UPDATE: Bank of America Merrill Lynch Downgrades ChinaCache to Underperform, Lowers PT to $5.60

Loading...
Loading...
Bank of America Merrill Lynch downgrades ChinaCache
CCIH
from a Buy rating to an Underperform rating and lowers its price target on the company from $10 to $5.60 in a research report out today. In the report, Bank of America Merrill Lynch writes, "We downgrade CCIH to underperform with PO of US$5.6 on (1) weakening topline growth with lower visibility; (2) increasing pressure on gross profit margin; and (3) higher OPEX expenses as CCIH rapidly expands but yet to reach a sizable scale." Shares of ChinaCache are currently trading at $5.71, down 17.72% from yesterday's close.
Posted In: DowngradesPrice TargetAnalyst RatingsBank of America Merrill LynchChinaCache International Holdings
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...