Kanzhun upgraded to Buy on improving outlook at New Street

New Street upgraded Kanzhun to Buy from Neutral with a price target of $25, up from $17. The company’s Q4 results were above consensus and online recruitment demand could continue to see sequential growth in Q1, the analyst tells investors in a research note. The firm says Kanzhun’s margins could also further improve year-over-year as the company remains disciplined in its overall spending. It cites an improving fiscal 2024 outlook for the upgrade.