0117 GMT - BYD's overseas potential is strong, analysts at Bernstein write in a note, adding that they have been "bullish" on its expansion abroad given strong volume growth across Europe, Asean and other countries. BYD's rationale for its share placement to raise over $5 billion in Hong Kong is "reasonable" and a more straightforward way to fund its overseas investments considering capital controls in China, they say. However, some investors may view it "as a sign that valuation is peaking," noting that the stock has gained 36% so far this year, they add. Some short-term weakness is expected in the stock due to the equity placement, they say. Bernstein retains an outperform rating on the stock with a target price of HK$460. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
March 03, 2025 20:17 ET (01:17 GMT)
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