On Tuesday, Jefferies, a global investment banking firm, increased its price target on shares of Kanzhun Ltd. (NASDAQ: BZ), a leading online recruitment platform in China. The new stock price target is set at $23.30, up from the previous $20.20, while the firm continues to endorse a Buy rating for the stock.
Kanzhun recently disclosed its fourth-quarter results, which, along with its first-quarter revenue guidance, surpassed consensus expectations. The management team, during the earnings call, pointed out several positive trends observed post-Chinese New Year. Notably, there has been a more rapid growth in daily active users (DAU) among enterprise customers compared to job seekers, and an improvement in the cost/benefit ratio.
The analyst from Jefferies highlighted the company's increasing confidence as evidenced by the year-over-year growth in the number of new job postings and active positions. Based on these strong performance indicators, Jefferies has revised its projections for Kanzhun's cash billings for the full year 2024 upwards. The firm also reaffirmed its expectation for the expansion of the company's non-GAAP operating margins.
The endorsement from Jefferies reflects a positive outlook on Kanzhun's operational and financial health. The upward revision in the stock price target is based on the company's recent performance and the management's optimistic guidance for the upcoming quarters.
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