Kanzhun downgraded at Bernstein with user growth ceiling coming into view

As previously reported, Bernstein downgraded Kanzhun (BZ) to Market Perform from Outperform with a price target of $15, down from $19. Kanzhun’s Boss Zhipin “remains a quality operator,” but the firm “has been wrong” about the company’s ability to offset macro headwinds with paying user and ARPU growth, the analyst tells investors. The firm contends that the “ceiling for user growth is starting to come into view.”