As previously reported, New Street analyst Jin Yoon downgraded Dada Nexus to Neutral from Buy with a price target of $2, down from $15, after the company announced the results of the previously disclosed independent review regarding certain suspicious practices that were identified during its routine internal audit. In addition to reversing the overstated revenues and associated operations and support costs in 9M23, Dada has prepared a remediation plan, notes the analyst, who thinks it could take a while for the stock to regain traction as it takes time to win back investors’ trust.
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