Two Decimals TP again as if their models are so damn accurate..
STOCK ALERT - Ping An Insurance falls in HK as JP Morgan cuts target
HONG KONG (XFN-ASIA) - Ping An Insurance (Group) Company of China Ltd shares were sharply lower, underperforming the broad market, after JP Morgan cut the target price for the stock to 54.2 hkd from 61.9, reflecting large downward revisions of earnings forecasts.
However, JP Morgan maintained an "overweight" rating for the insurer for valuation reasons.
At 11:10 am, the stock was down 1.05 hkd or 2.9 pct at 37.2, off a low of 36.70, while the Hang Seng index was down 122.13 points or 0.78 pct at 15,112.10.
JP Morgan cut its 2008 and 2009 earnings per share forecasts for Ping An by 92 pct and 35 pct, respectively, to factor in an impairment loss on its investment in European financial group Fortis NV.
Ping An said earlier that it would book an investment loss of 15.7 bln yuan on its 4.99 pct stake in Fortis in its third quarter financial results .