KE Holdings price target raised to $24 from $21 at BofA

BofA raised the firm’s price target on KE Holdings to $24 from $21 and keeps a Neutral rating on the shares. An expert from a large property agency chain with about half of his stores connected to KE Holdings’ Beike platform noted in a call with the firm that several tier 1 and tier 2 cities had triple digit subscription volume growth in Golden Week, but also cautioned that existing home market pricing continues to edge lower, and he foresees another 10% price downside before stabilizing, the analyst tells investors. The expert thinks pricing improvement is important to a sustainable volume recovery, the firm added.