Dada Nexus price target raised to $16 from $13 at Mizuho

Mizuho analyst Wei Fang raised the firm’s price target on Dada Nexus to $16 from $13 and keeps a Buy rating on the shares. The analyst believes the company’s Q4 sales are tracking in line with consensus despite disruptions in December, and its net income potentially better than the Street due to the profit boost from last-mile business on Singles’ Day promotions. Heading into 2023, channel checks indicate continued momentum, and Dada management is committed to achieving net income breakeven by Q2, the analyst tells investors in a research note.