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

27% profit every 20 days?

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Bank of America Merrill Lynch downgrades ChinaCache (NASDAQ: 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.

27% profit every 20 days?

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