Dada Nexus price target lowered to $2.90 from $8.60 at Jefferies

Jefferies analyst Thomas Chong lowered the firm’s price target on Dada Nexus to $2.90 from $8.60 and keeps a Buy rating on the shares after the company announced the substantial completion of the investigation related to suspicious practices that were identified during a routine internal audit. The share price dropped 42% in January and 24% year-to-date, notes the analyst, who views the market as having priced in the developments after the announcement of the independent review.