UBS downgraded KE Holdings (BEKE) to Neutral from Buy with a price target of $24.50, up from $22.70. UBS sees “limited” earnings revision upside for 2025 due to higher agency cost, and despite the strong momentum for existing home transaction at 30% year-over-year growth year-to-date, KE Holdings might continue to bid for land in 2025E for its Beihaojia business, which might limit its multiple expansion, the analyst tells investors in a research note.
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