CLSA upgraded Gaotu Techedu to Outperform from Underperform with a price target of $8.65, up from $3.85. Gaotu ended 2023 with “a strong finish,” with both sales and the bottom line coming in better than expected, while management also gave a “strong sales target for 2024,” the analyst tells investors. Given a steadier regulatory environment, CLSA also sees growing investor interest in the sector, which should help with a re-rating, the analyst added.
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