Citi ups RLX Technology target, opens ‘positive catalyst watch’

Citi raised the firm’s price target on RLX Technology to $2.76 from $2.40 and keeps a Buy rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The analyst expects RLX’s pace of international expansion to accelerate from Q1, and for its non-China business likely to account for over 60% of sales in 2024 and also be margin accretive. The company’s “proven excellence in product competitiveness and distribution capabilities should underpin its market share gain globally,” the analyst tells investors in a research note.