Luckin Coffee Share Price May Nearly Double to $60 On U.S. Exchanges: Hedge Fund Citron Capital

From: nytimes.com

NEW YORK — China-based Luckin Coffee Inc’s shares could double in price after it overcomes the negative impact of the coronavirus outbreak and a widely publicized bearish bet against its stock, according to Andrew Left, managing partner at hedge fund Citron Capital.

Better known for his short bets, Left, who is also editor of the online investment newsletter Citron Research, has come out in defense of Luckin’s stock, which his fund owns. The stock will probably eventually trade at $60 per share on U.S. exchanges once uncertainty over the coronavirus clears, he told Reuters.

Luckin was forced to temporarily close an estimated 200 coffee shops in Wuhan, capital of the Hubei province in China and epicenter of the deadly virus outbreak.

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