Citigroup released a report that lowered 02369.HK 's earnings per share to 0.10 yuan and 0.09 yuan this year and next, 23% and 35% lower than market forecasts, mainly due to weak smartphone shipments in the mainland. The bank expects Coolpad shipments to be weak in the first half and continue into the third quarter, but will be better in the fourth quarter. The bank believes that smartphone payments for Coolpad this year will be lower than market expectations, and shipments to places outside China are still limited. As a result, the target price was lowered from $1.06 to $0.87 and its "sell" rating was reiterated.