Qifu Technology price target raised to $52.70 from $50.66 at BofA

BofA analyst Emma Xu raised the firm’s price target on Qifu Technology (QFIN) to $52.70 from $50.66 and keeps a Buy rating on the shares. Qifu announced yesterday the issue of cash-par settled convertible notes of $600M-$690M to fund its newly established buyback plan and concurrently with the pricing, repurchased about $230M from certain purchasers of the notes in off-market privately negotiated transactions. The deal will reduce the share counts by about 3.8% instantly and be nearly 4% accretive to EPS, says the analyst, who adds that the company is on track to reduce share counts by 30% in 2024-26.