As Wirecard Stock Crashes, Analysts Finally Pull Buy Ratings (1)

More than a year after allegations of forgery and fraud at German payments company Wirecard AG, analysts have decided the stock isn’t worth buying -- now that it’s lost more than three-quarters of its value in two days.

As of Wednesday, 10 out of 25 analysts tracked by Bloomberg recommended buying the stock, and the group as a whole saw 49% upside for the shares. Then, Wirecard shocked investors Thursday with the revelation that 1.9 billion euros ($2.1 billion) of cash was missing, sending the shares plunging. Since then, at least 10 analysts have removed their recommendations and three ...