YY Inc, (YY) PT Raised to $79 at Nomura/Instinet on Huya and Bigo Contributions

Nomura/Instinet analyst Jialong Shi raised the price target on YY Inc, (NASDAQ: YY) to $79.00 (from $77.00) on expected strong growth in Huya and a full quarter consolidation of Bigo. Consolidated revenue is expected to grow 64% y/y in 2Q19F to CNY6.2bn, 1% above the current Bloomberg consensus of CNY6.1bn.

The analyst stated "We expect the company to continue to invest in short video vertical overseas, as the competition is likely intensifying, with its largest competitor TikTok also expanding aggressively in overseas markets. The company recently raised USD1bn CB to fund its overseas investments".

while maintaining a Buy rating.

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