Noah Holdings rises on J.P. Morgan rating upgrade

Noah Holdings

29/08/2023 19:12

** Shares of wealth management service provider Noah
Holdings Ltd  NOAH.N  rise 16.08% to $14
    ** Brokerage J.P. Morgan raises NOAH rating to 'overweight'
from 'neutral' while also raising target price to $18 from $17.5
    ** Stock set to post best day since Aug 11, 2022, if gains
hold
    ** JPM says co's rating upgrade is based on robust overseas
growth of 42% in Q2, sees to improve further
    ** Brokerage sees potential upside on co's shareholder
returns via rise in dividend payout ratio or share buyback
    ** On Aug 28, co posted Q2 revenue of $129.9 mln, beating
analysts' estimates of $116.1 mln 
    ** 8 of 9 analysts rate the stock "buy" or higher while one
rates "hold"; median PT is $21 – Refinitiv data
    ** Including session's gain, stock down 12.39% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))