CLSA Downgrades Baozun (BZUN) to Outperform (2) Citing Macro Headwinds and Consumption Weakness

CLSA analyst Jamie Chan downgraded Baozun (NASDAQ: BZUN) from Buy (1) to Outperform (2) with a price target of $16.00 (from $25.00).

The analyst comments "Macro headwinds and consumption weakness are expected to last until 1H22. During the transition, we expect Baozun to face continued top-line pressure despite some contribution from M&A. Opex ratio could edge up due to deleveraging and M&A-related costs. For 2021/22 estimates, we cut revenue 7%/17% and adjusted Ebit 17%/24%. Our DCF-based target price represents 16.3x 22CL PE, around one standard deviation below average."

For an analyst ratings summary and ratings history on Baozun click here. For more ratings news on Baozun click here.

Shares of Baozun closed at $14.62 yesterday.

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