Citi expects shares in this Warren Buffett-backed company to soar.
Citi says BYD is one of its "top" buy ideas among Chinese stocks and expects shares in the automaker to soar by more than 260% over the next 12 months. The Wall Street bank expects shares in the Warren Buffett-backed company to hit 640 Hong Kong dollars from around 175 Hong Kong dollars currently. The Citi analysts said in a note to clients on Oct. 25 that they expect BYD to grow sales of "new energy vehicles" by 137% next year from 1 million units this year.
Shares in BYD, which also trade in the U.S. over the counter, have fallen 38.8% this year, but are up 600% over the past 10 years. In the past year, Chinese stocks have fallen sharply on concerns over lackluster growth in the broader economy, tighter financial conditions for the property sector, and increased regulation. The Shenzhen Component and the Shanghai Composite indexes are in a bear market this year and have been targets for short sellers.
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