Jefferies has reduced its price target on Qifu Technology, the operator of a Chinese credit-tech platform, following weaker-than-anticipated second-quarter results.
The brokerage lowered its target to $15.40 from $20.40 while maintaining a Buy rating. Shares were trading at $11.53, well below the new target, and down 58.75% over the past year. The 52-week low stands at $10.85.
Qifu Technology reported adjusted earnings per share of $6.56, exceeding forecasts of $4.90, but revenue totaled $3.57 billion, missing the expected $4.02 billion. The company’s valuation metrics showed a P/E ratio of 1.96 and a price-to-book ratio of 0.38.
Jefferies attributed the price target cut to weaker loan volumes, non-GAAP earnings below estimates, and third-quarter earnings guidance that fell short of consensus. The firm expects continued pressure on loan volumes and earnings due to macroeconomic uncertainty, regulatory tightening, and industry sentiment.
Qifu Technology connects borrowers with financial institution partners in China and is expanding into overseas markets. The stock’s performance contrasts with historical gains cited by ProPicks AI, including Siemens Energy’s 231.5% and Sandisk’s 189% rallies.
Shares were down 0.05% in recent trading at $10.99.
