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Citi boosts Qifu stock price target to $23.80, maintains buy.

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TLDR:

  • Citi raised Qifu Technology (NASDAQ:QFIN) stock price target to $23.80 and reiterated a buy rating
  • Qifu reported fourth-quarter earnings for 2023 with a slight decrease in NPAT but an increase in revenue

Citi updated its outlook on Qifu Technology, increasing the stock’s price target to $23.80 and maintaining a Buy rating. Despite a slight decrease in non-GAAP net profit after tax (NPAT) quarter-over-quarter, Qifu saw a year-over-year increase of 25% in NPAT for the fourth quarter of 2023. The company’s full-year NPAT also rose by 6% compared to the previous year. Qifu’s net revenue after provisions showed a modest uptick quarter-over-quarter, attributed to reduced pressure from early loan repayments and a stable net revenue take rate.

The company declared a semi-annual dividend of $0.58 per ADS for the second half of 2023 and had utilized a share buyback program announced in June 2023. Looking ahead, Qifu plans to increase the total shareholder return to over 70% of GAAP NPAT for 2024 and initiate a new share buyback program worth up to $350 million over the following 12 months.

Market data from InvestingPro indicates Qifu Technology’s strong financial metrics and attractive valuation, including a low P/E ratio and high dividend yield. The company’s robust financial health, indicated by a strong free cash flow yield and liquid assets exceeding short-term obligations, positions it as a prominent player in the Consumer Finance industry.


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