Greenridge adjusted the firm's price target on CNFinance to $20 from $5 and keeps a Buy rating on the shares. The company today will undergo an American depository receipt ratio change, from 1:20 to 1:200, which will act as a 1:10 reverse split, the analyst tells investors in a research note. The firm believes CNFinance working through its loan book during the current challenging environment and building its cash back up for an eventual property market upswing is the best path forward.
