Shares of China Yuchai International Limited (NYSE: CYD) experienced a significant 6.36% plunge during intraday trading on Wednesday, underperforming the broader market. The stock's decline can be attributed to two key factors: disappointing full-year 2024 earnings results that missed analysts' expectations and an analyst downgrade from Greenridge.
According to China Yuchai's earnings report, the company's revenue for the fiscal year 2024 grew by 6% year-over-year to CN¥19.1 billion. However, the reported net income of CN¥323.1 million and earnings per share (EPS) of CN¥8.21 fell short of analysts' estimates, disappointing investors and contributing to the stock's sell-off.
Adding to the pressure on China Yuchai's stock, Greenridge analyst William Gregozeski downgraded the company from Buy to Hold, although he raised the price target from $15 to $22. The analyst downgrade, combined with the weak earnings results, led to a significant decline in the stock's value during intraday trading on Wednesday.
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