Bank of America raises Dingdong PT; expects profit for FY23

Dingdong (Cayman)

22/02/2023 20:19

** Bank of America raises PT for China-based online grocery
firm Dingdong Ltd  DDL.N  to $6.50 from $5.80; maintains "buy"
rating
    ** "Expect full-year non-GAAP profitability in 2023" - BofA
    ** "Co continues to focus on high-value less price-sensitive
users and strengthen product development capability and supply 
chain partnership for better margin product offerings" - BofA
    ** Co last week reported Q4 adj. net income of 115.8 million
Chinese yuan ($16.81 million), compared with a loss of 1.03
billion Chinese yuan ($149.47 million) the year before
    ** Stock up ~19% YTD
($1 = 6.8908 Chinese yuan renminbi)
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))