Jefferies Maintains Buy Rating for Dada Nexus: Here's What You Need To Know
Portfolio Pulse from Benzinga Insights
Jefferies has maintained its Buy rating for Dada Nexus (NASDAQ:DADA) but lowered its price target from $8.60 to $2.90. Dada Nexus, a leading crowdsourced delivery service in China, saw its shares trading up 1.3% at $2.34. The new price target suggests a potential 23.93% increase. Dada Nexus operates Dada Now and JD Daojia, with significant ownership by JD.com and Walmart Inc. It competes with SF Intra-City, Didi, and Meituan in various segments.
March 11, 2024 | 5:00 pm
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Jefferies maintains Buy rating for Dada Nexus but lowers price target from $8.60 to $2.90, indicating a potential 23.93% increase from the current price.
The maintenance of a Buy rating by Jefferies, despite the significant reduction in price target, suggests a continued positive outlook on Dada Nexus's fundamentals and market position. The potential 23.93% increase to the new price target indicates expected growth, likely driven by Dada Nexus's core businesses and strategic partnerships with JD.com and Walmart Inc. However, the substantial cut in the price target may also reflect adjustments to market conditions or company performance expectations, warranting a slightly cautious optimism.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100