Lufax price target lowered to $1.80 from $2.50 at BofA

BofA lowered the firm’s price target on Lufax to $1.80 from $2.50 and keeps a Buy rating on the shares. Given its high earnings volatilities and low earnings visibility, BofA has switched to valuing Lufax on a price-to-book value method and away from a price-to-earnings valuation, the analyst tells investors. The firm also lowered its target 2024E P/B multiple as weaker-than-expected post-reopening recovery “may delay its turnaround story,” the analyst added.