Shares of MINISO Group Holding Limited (MNSO) surged over 6% in pre-market trading on Thursday, October 4th, 2024, following a bullish initiation by Wall Street firm Citigroup. The stock rally was fueled by Citigroup's "Overweight" rating and a price target of $26.80 for the Chinese discount retailer.
According to Citigroup analyst Spencer Nevins, MINISO's business model of offering affordable and high-quality lifestyle products positions the company well to capitalize on the growth opportunities in China's expanding middle-class consumer market. Nevins highlighted MINISO's strong brand recognition, extensive store network, and efficient supply chain as key competitive advantages.
The positive research report from Citigroup appears to have ignited investor enthusiasm for MINISO stock. With the previous closing price of $19.90, Citigroup's $26.80 price target implies a potential upside of over 34%, providing further impetus for the stock's pre-market surge.
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