Miniso downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Miniso to Neutral from Overweight with a price target of $15, down from $27, following the announcement that the company would acquire a 29.4% stake in Yonghui Superstores, which the firm called “a negative surprise to the market.” It reads to the firm that the market “not only wrote off the investment,” but “also penalized it with valuation multiple de-rating,” says the analyst, who thinks the 24% share price decline on September 24 was “overdone.”