Long/short equity, growth, contrarian

Bitauto: Let's Cool Down A Bit; Initiating With $45 Target, 20% Implied Downside

I am initiating on BitAuto (NYSE:BITA) with a cautious view and a $45 target price based on sum of parts, implying 20% downside to Friday's close.

The stock has been up 363% over the past year, compared with Nasdaq's 23% gain, mainly driven by 1) investor appetite for leaders in China's niche internet vertic...

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