New Street Research Downgrades 58.com (NYSE:WUBA) to Neutral

58.com (NYSE:WUBA) was downgraded by analysts at New Street Research from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, MarketBeat reports. They presently have a $56.00 price objective on the information services provider’s stock. New Street Research’s price objective suggests a potential upside of 3.82% from the stock’s previous close.

Several other research analysts have also recently weighed in on the stock. Credit Suisse Group upgraded shares of 58.com from a “neutral” rating to an “outperform” rating and set a $59.00 price target on the stock in a report on Wednesday, March 18th. Zacks Investment Research cut shares of 58.com from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 18th. Bank of America cut their price target on shares of 58.com from $62.00 to $59.00 and set a “neutral” rating on the stock in a report on Thursday, March 12th. China International Capital lowered shares of 58.com to a “hold” rating and set a $53.00 price objective on the stock. in a research report on Friday, March 13th. Finally, ValuEngine lowered shares of 58.com from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $61.20.

Shares of NYSE WUBA opened at $53.94 on Monday. The stock has a market capitalization of $8.02 billion, a P/E ratio of 6.14, a P/E/G ratio of 1.41 and a beta of 1.29. The company has a 50-day moving average price of $51.49 and a 200-day moving average price of $55.71. 58.com has a 1 year low of $37.92 and a 1 year high of $69.89.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. increased its holdings in 58.com by 30.1% during the 1st quarter. Invesco Ltd. now owns 610,960 shares of the information services provider’s stock worth $29,766,000 after acquiring an additional 141,286 shares during the period. AE Wealth Management LLC purchased a new position in 58.com in the 1st quarter worth approximately $368,000. Bank of America Corp DE grew its stake in 58.com by 10.4% in the 4th quarter. Bank of America Corp DE now owns 281,828 shares of the information services provider’s stock worth $18,242,000 after buying an additional 26,456 shares in the last quarter. AGF Investments Inc. purchased a new position in 58.com in the 1st quarter worth approximately $228,000. Finally, Nuveen Asset Management LLC grew its stake in 58.com by 4.2% in the 1st quarter. Nuveen Asset Management LLC now owns 127,987 shares of the information services provider’s stock worth $6,235,000 after buying an additional 5,200 shares in the last quarter. 62.78% of the stock is currently owned by institutional investors.

About 58.com

58.com Inc operates various multi-category online classifieds platforms and vertical listing platforms that enable local businesses and consumers to connect, share information, and conduct business in the People's Republic of China. It operates multi-content category online classified platforms primarily under the 58 and Ganji names; Anjuke, an online real estate listing platform; ChinaHR, an online recruitment platform that focuses on white collar jobs; and Jia Xiao Yi Dian Tong, an online platform for driver's license examination preparation and other related services.

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Analyst Recommendations for 58.com (NYSE:WUBA)

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