Qifu Technology (NASDAQ: QFIN) shares declined 17.9% (approximately 18%) on Wednesday following a series of downgrades by Wall Street analysts. Morgan Stanley analyst Richard Xu reduced the rating from Overweight to Equalweight and cut the price target to $13.00 from $25.00, citing liquidity challenges and bad‑debt collection pressures that are expected to weigh on core operations and resulted in weak third‑quarter 2026 profit guidance. Jefferies analyst Thomas Chong lowered his price target to $15.40 from $20.40 while keeping a Buy recommendation, noting that QFIN’s second‑quarter loan volume fell short of forecasts and non‑GAAP earnings missed expectations, and that the midpoint of the third‑quarter earnings guidance lagged consensus. JPMorgan analyst Katherine Lei downgraded the stock from Neutral to Underweight with a new target of $9.00. Citi analyst Judy Zhang moved the rating from Buy to Sell, setting a target of $8.00, down sharply from a prior $30.10. The downgrades were triggered by QFIN’s second‑quarter results, which showed loan volume and non‑GAAP earnings below analyst expectations, and by third‑quarter earnings guidance that also fell beneath consensus estimates. Analysts highlighted additional headwinds including macro‑level uncertainties, tightening regulatory environment, and subdued industry sentiment, while noting the company is still in the early stages of expanding into overseas markets.