Benzinga | Sep 23, 2021 07:22AM EDT

Why This Analyst Sees 54.2% Upside In Dada Nexus Despite PT Cut?

* Morgan Stanley analyst Wei Fang upgraded Dada Nexus Ltd (NASDAQ:DADA) to Overweight from Equal Weight with a price target of $31.60, down from $35, still implying a 54.2% upside.

* Fang cited improving operating metrics and a less intense competitive environment behind the recommendation.

* Dada Nexus is a platform of local on-demand retail and delivery in China.

* Price Action: DADA shares traded higher by 2.98% at $21.21 in the premarket session on the last check Thursday.