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Major bank rating | CICC International: Lowered the target price of weibo to HK$77.22, with advertising spending recovery slowing down.
Gelonghui, November 21 - Jianyin International released a report indicating that Weibo's third-quarter performance exceeded the expectations of the bank and the market, with the biggest highlight being the company's robust advertising revenue driven by the Paris Olympics, particularly significant contributions from advertisers in the csi sws food & beverage index and sports outfits. However, as the Olympics conclude, the company's advertising revenue may resume a downward trend. The bank believes that a comprehensive consumer recovery is the only way for Weibo to reverse its business trajectory since more than two-thirds of its advertisers come from consumer-related industries, rendering its business highly skewed towards brand advertising. Until there is more clarity on Weibo's recovery timetable, the bank remains conservative.
CCB International Downgrades Weibo to Neutral, $9.90 Price Target