RLX Technology price target lowered to $2.40 from $3.15 at Citi

Citi lowered the firm’s price target on RLX Technology to $2.40 from $3.15 and keeps a Buy rating on the shares post the Q2 report. The firm says that while RLX has recovered from the trough, the pace of recovery has been slower than expected, affected by the resurgence of illegal products. Monthly sales momentum ramped up in April but subdued from May after regulators’ special action ended, the analyst tells investors in a research note.