Shares of MINISO Group Holding Limited (MNSO) surged over 10% on Thursday, October 4th, 2024, after Wall Street firm Citigroup initiated coverage on the Chinese discount retailer with an "Overweight" rating and a price target of $26.80.
The bullish initiation from Citigroup analyst Spencer Nevins appears to have ignited investor enthusiasm for MINISO stock. Nevins cited the company's business model of offering "affordable, high-quality lifestyle products" as well-positioned to capitalize on the growth opportunities in China's rapidly expanding middle-class consumer market.
Nevins also highlighted MINISO's strong brand recognition, extensive store network, and efficient supply chain as key competitive advantages. 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 rally.
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