iQIYI (IQ) PT Lowered to $6 at US Tiger Securities
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US Tiger Securities analyst Bo Pei lowered the price target on iQIYI (NASDAQ: IQ) to $6.00 (from $9.00) ahead of IQ's 4Q21 earnings.
The analyst reiterated the Hold rating, stating "Per ENLIGHTNT, IQ's 4Q views of drama series were 24.8B, down 28% y/y, or -13% q/q. The overall industry trend was also soft, with total effective views of drama series decreasing 14% y/y to 72.7B. While our 4Q membership revenue estimate is largely unchanged, we are decreasing EoP paying subs by 2M to 99.6M, offset by higher ARPU (¥40.4, +9% y/y) as more subscribers move to new pricing tiers. For 2022, we are lowering advertising revenue estimate by 11% due to a soft macro environment and fewer variety show sponsorships. As communicated by the management on 3Q earnings, IQ is shifting focus to cutting loss and has axed low-ROI content investments and recently laid off some 20%-40% of employees."
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