BofA downgraded Lufax (LU) to Neutral from Buy with a price target of $2.80, down from $5.80. Given the firm sees “no business turnaround in sight and low business visibility,” the firm cut Lufax’s 2023 attributed net profit estimate by 35% and 2024-25 profit estimates by 66%-90%. The analyst continues to prefer Qifu Technology (QFIN) over Lufax for higher visibility, a better track record and high capital return.
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