Morgan Stanley Downgrades Tuya Inc (TUYA) to Equalweight (Friday)
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Morgan Stanley analyst Yang Liu downgraded Tuya Inc (NYSE: TUYA) from Overweight to Equalweight with a price target of $7.20 (from $9.20).
The analyst comments "A debate on whether now is the time to bottom-fish three Chinese software ADRs (Agora, Tuya and OneConnect)has come up after recent share price declines and EV/sales valuations remaining at record lows. We recommend staying on the sidelines as we think there is still room for downward consensus revisions should there be new developments, although much less than before. Also,a lack of any profit/FCFturnaround in the foreseeable future could limit valuation support,especially when unprofitable US SaaS are re-rating rapidly amid concerns about rising interest rates. Also,as net cash gradually becomes a large part of enterprise value, we think the debate between choosing P/S or EV/sales skews unfavorably toward the P/S side."
Shares of Tuya Inc closed at $5.70 yesterday.
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