JPMorgan trimmed its price target on Noah Holdings to US$9.70 from US$10.50 while keeping a Neutral rating on the stock, according to an update from analyst Peter Zhang. The modeled fair value for Noah Holdings fell to US$10.64 from US$12.31, a decline of about 13.6%. Revenue growth expectations swung from an increase of 3.39% to a projected decline of 2.09% in CN¥ terms, a move of roughly 5.5 percentage points, while the net profit margin rose from 23.02% to 28.15%. The future P/E was adjusted from 12.26x to 8.33x and the discount rate changed from 7.55% to 7.66%.
Noah Holdings LimitedJPMorgan cut Noah Holdings' price target to US$9.70 from US$10.50 and lowered its modeled fair value, with revenue growth expectations swinging to a projected decline.
JPMorgan Chase & Co
