- Bitauto (NYSE:BITA) is 7.4% lower, to add on to Friday's 12.7% post-earnings drop, and Morgan Stanley has downgraded the stock to Neutral despite some high Y/Y growth.
- That's likely due to a bad fiscal 2015, writes analyst Amanda Chen.
- She's decreased her price target on the stock to $20, from $28 -- a lower target that the company has hit with today's decline.
- Ad subscriptions have slowed, and "This aggressive monetization is unlikely to be sustainable in our view."
- Now read Bitauto: Revisiting The Long Case »