Citi yesterday downgraded LexinFintech to Neutral from Buy with a price target of $2.12, down from $3.86. The analyst views the company’s Q3 results as mixed with worse than expected asset quality deterioration. The firm cites the much slower than expected customer cohort upgrade versus the imminent credit cycle for the downgrade. Citi thinks LexinFintech’s relatively slow progress on customer cohort upgrade could make the lender more vulnerable to asset quality volatility in the upcoming credit cycle.
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