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GSX Techedu rose nearly 7% in premarket trading, after Goldman Sachs upgraded its rating to buy with a target price of $60.

Goldman Sachs: Give GSX Techedu a "buy" rating with a target price of US $60!

On April 28, GSX Techedu rose nearly 4% before the market,Goldman SachsRelease the report and change its name to GaotuGSX TecheduThe stock rating was upgraded from sell to buy, with a target price of $60. It said that compared with its peers, GSX Techedu's current share price provides an attractive risk return, because the current trading price of the stock is close to its low point since the IPO, and predicted that Gaotu will maintain a compound annual growth rate of 41% in the next five years, and achieve break-even and profit during this period.

On the evening of April 26th, GSX Techedu (GSX), a US-listed company, changed its name to GOTU and released its audited financial report for fiscal year 2020, which is an annual report issued by Deloitte with effective internal control and unqualified standards.

According to the annual report, as of December 31, 2020, the Company achieved revenue of 7.125 billion yuan in fiscal year 2020, up 236.9% year-on-year, and the number of people paying regular courses reached 5.871 million, up 168.4% year-on-year. Among them, the income of K12 online courses was 6.237 billion yuan, up 265.5% year-on-year, and the number of people paying for regular courses of K12 online courses reached 5.429 million, up 177.3% year-on-year.