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In a report published on Friday, Oppenheimer analyst Ella Ji upgraded Noah Holdings (NYSE: NOAH) from Perform to Outperform and introduced an $18 price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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In the report, Oppeheimer stated, "he company raised 2013 net income guidance by ~50% to $50-55M from $33-37M, and now anticipates robust 86-105% y/y growth. We believe the majority of the upside is driven by its Gopher asset management business, while Upright mutual fund/HK branch also started to bear fruits. The robust growth at Gopher now more than offsets the uncertainties at Noah's traditional distribution business, which we're mostly concerned about. Higher mix of recurring revenue also brings a steadier revenue stream and higher margins. Valuation is attractive at just 13.8x/11.6x our updated 2013E/2014E EPS."
Noah Holdings closed on Thursday at $13.00.